₦airaland Forum

Months after banks restricted withdrawals on automated teller machines (ATMs), commercial banks in the country are beginning to increase the maximum amount of cash customers can withdraw on a daily basis to N200,000, LEADERSHIP has learnt.

In an emailed notice to customers yesterday, Zenith Bank said customers can now ‘perform cash withdrawals of up to N200,000 per day’ at its ATM terminals across the country.

This, it said, is irrespective of the bank that issued the card.

The bank, however, stated that the N500,000 weekly cashless policy withdrawal limit for individuals still stands.

There are insinuations that other banks in the country may follow this path, by allowing their customers to withdraw, through ATM terminals, large amounts in the region of N200,000, even though they have not made it public.

Before now, most banks had put a limit of N20,000 daily withdrawal on their ATM terminals mainly for cards issued by other banks. The limit had been put in place during the naira redesign policy.

The Central Bank of Nigeria (CBN) had, last December, limited weekly cash withdrawals over the counter to N100,000 for individuals and N500,000 for organisations. It also set daily cash withdrawals at point of sale (POS) and ATM terminals at N20,000 per day, with the directive taking effect from January 9, 2023.

Customers had resorted to seeking out their bank ATMs where they could make more withdrawals, or making cash withdrawals over the counter.

A circular issued by the apex bank during the period stated that “the maximum cash withdrawal per week via ATM shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

“Only denominations of N200 and below shall be loaded into the ATMs. The maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily.”

The limits on POS as well as denomination part of the statement have, however, not held ground as cash withdrawals limit through POS has since been in excess of N20,000 while all ATMs are dispensing only N1,000 and N500 notes.

Source: https://leadership.ng/banks-raise-atm-cash-withdrawal-limit-to-n200000/

Trending Update Coming From Nigeria Bank

Don't Forget, Bring This News.

Makes more sense

thesicilian:
Makes more sense

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Holly Gram E make SENTENCESS but wer the money day..


E no really easy for many people now ooo..


Wen I know say dis CUNTREE de pass thru tings and tins..


Na last week way I JAZZ in ASHAWOO house, if u see as them de rush me..


NaSo them de drag me for cloth and trouser for outside the gate oooo, not even inside the gate..


them nearly drag out my GBOLA from my trouser..


Them even want me to pay 500h for short time..



LITE UP my WEED in peace


WTF MAN!

Where una see the money self.

Only a small percentage of Nigerians will be needing to make ATM withdrawal of up to 200k.

Nice2023:
Where una see the money self.

Lol. There's money in Nigeria o. Most times it's mainly about connections

thesicilian:
...

&A lot LESS people than you think actually make large ATM withdrawals from time to time.

Definitely, if you ha e to pay more tax, you have to think of ways to collect them.

For as many withdrawals you make. You get extremely taxed for it.

Also, we should be expecting a review on bank charges from the CBN.


Tinubu shege go reach everybody..... Next tenure banza deh sleep.

I don't support this. And not that u will collect it once, u will be collecting it 20k each, Even some banks, 10k each and people will just dey on d queue with even there maybe bad network.

Okay

This ATM withdrawal will favor me and my family

Nigerian banks and their wacky services…

I’ve traveled back since January, neither used my card nor any of their service but Union bank is still deducting monthly ATM maintenance, USSD & SMS charges.. first quarter charges etc every few months .. nonsense people

Chai!

Kai! Emiefielism don end.

Na people wen support Emiefielism I pity. Una think say the policy get leg? The guy don dey Collect for wetin some children make am do.

Well, I Sha need More money ooo.

7 years and few month left for you to continue with this...

denzel231:
This ATM withdrawal will favor me and my family

[quote author= post=124242920]Trending Update Coming From Nigeria Bank

Don't Forget, Bring This News.[/quote]but na good news be diz na

Stick to your niche nwanne

Not bad

Inflation…..

Well... I'm patiently waiting to hear what the new bank and transaction charges will be!


Yep... Everything must be taxed! Even the air you inhale!

Chai

How many Nigerians have up to that in their account. The lower class that will have such is not likely to need all at once.

My only issue with this reversal is the unnecessary queue that will increase Infront of the ATMs. Most of the machines are slow, out of service and temporarily unable to dispense cash.
Pos users will also be withdrawing all the cash before we wake up from the few loaded machines.
The ordinary citizen will suffer from this.

Imagine meeting 3 people on a queue and each is planning to withdraw 200k from the ATM.
That's 10 transactions each if card is same bank as the machine. Nightmare will be if it's different bank card, meaning ₦5000 max per withdrawal (40 ATM transactions to withdraw 200k) This is bad.

Worst is if your card is stolen by someone who knows your pin. The person can withdraw 200k at a go with the card.
The 50k upwards should be made over the counter transaction.

Okay

It seems there are fewer people at ATMs now than at any time I can remember in the last 10 years.

It's either people are more careful about spending or the economy is biting really hard, or both.

Also, once you withdraw cash these days, it's like there is a spirit that makes it disappear. You just can't figure out what you spend the money on.

Ah well, that's rampant inflation for you.

Just lol when I got the mail yesterday from Zenith bank

Damnnn niggar

Where the money dey to withdraw?

Oh na 30k minimum wage people want withdraw

Tinubu is disaster

paymentvoucher:
7 years and few month left for you to continue with this...

Seven more years of suffering

Don't even bother to quote me because I can feed gor the next thirty years
Same thing with most nairaland and people in your area who knows that tinubu is a disaster

Why do some Nigerians like celebrating poverty?

Please they should allow too to use our master card to transact business on Aliexpress too ooooo they should unblock us.