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Nigerian Banks Set To Increase Cash Withdrawal Limits To N100,000 - Business - Nairaland

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Nigerian Banks Set To Increase Cash Withdrawal Limits To N100,000 by enobongalfred: 12:23pm On Mar 28, 2023
By Thav Tv
According to multiple bank officials, commercial banks are set to increase their cash withdrawal limits from the current N20,000-N50,000 range to over N80,000-N100,000.

It was learnt that the move would help bank branches to fight down lingering queues in some cities across the country.

On Friday, The Central Bank of Nigeria instructed commercial banks to open for operation on Saturday and Sunday, as part of a coordinated effort to ensure the circulation of old and new banknotes.

This happened after the CBN began the release of billions of old naira notes to DMBs. The central bank on Thursday eventually obeyed the Supreme Court on the legal status of the old naira notes after months of controversy that trailed the naira redesign policy.

According to findings by PUNCH, most DMBs currently pay between N20,000 and N50,000 over-the-counter and Automated Teller Machines.

However, officials said banks were planning to increase the limits to enhance currency circulation and put a permanent end to queues in banking halls and ATM galleries.

On Monday, banking halls and ATM galleries were crowded with customers despite the fact that banks were open throughout the weekend.

However, visits to several bank branches in Lagos, Abuja, Ogun State, and other cities revealed that customers in their numbers converged on bank premises to withdraw cash.

At the Federal Capital Territory, Abuja, it was easy for customers to access cash with less stress.

Also, various bank branches showed that the queues at banking halls and ATM galleries had reduced.

These banks include Zenith Bank, Keystone Bank, Eco Bank, and Access Bank located in Area One and Central Area.

The Access Bank branch at Garki dispensed a maximum of N20,000 via its ATM.

At Ecobank located in the same area, its busy cashier paid N50,000 to its customers while non-account holders were permitted to withdraw N10,000 at its ATM stand.

At Zenith Bank, customers were allowed to withdraw as high as N500,000 over the counter.
https://thavmedia.com/nigerian-banks-set-to-increase-cash-withdrawal-limits-to-n100000/

Re: Nigerian Banks Set To Increase Cash Withdrawal Limits To N100,000 by Owaje: 12:33pm On Mar 28, 2023
Till then, I don't believe them
Re: Nigerian Banks Set To Increase Cash Withdrawal Limits To N100,000 by olayinks007(m): 1:00pm On Mar 28, 2023
Na wa ooo, I just imagine d kind people we get in top offices especially for this emiewere not sure he knows what his doing. New Note u claimed to print trillion of Naira is not fully in circulation which u said no going back on Old now u wanted to flood the banks with old Naira Note which people still find difficult to get. Even Nigerians self dey take advantage of this situation. It is well
Re: Nigerian Banks Set To Increase Cash Withdrawal Limits To N100,000 by hisgrace090: 1:03pm On Mar 28, 2023
Many banks have refuse to load cash to their atm machines till today Tuesday.
Re: Nigerian Banks Set To Increase Cash Withdrawal Limits To N100,000 by imoh4king(m): 1:52pm On Mar 28, 2023
True.
I redraw N40,000 via ATM machine on Sunday.

POS people will beg for customers tire.

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