Banks raise over-the-counter withdrawal limit to N50,000

Deposit Money Banks in the Federal Capital Territory (FCT) have raised their maximum over-the-counter withdrawal limit to N50,000 per day, up from the previous N5,000.

This development follows improved cash availability, according to findings by News360 Nigeria.

A survey conducted on Tuesday revealed that banks such as Guaranty Trust Bank (GTBank) and Zenith Bank have implemented the new limits. At the GTBank branch along the airport road, customers can now withdraw N50,000 over the counter, while the Automated Teller Machines (ATMs) maintain a limit of N20,000.

A bank official confirmed the changes, attributing the increase to the availability of more cash. “We now have more cash, which is why the withdrawal limits have been adjusted,” the source explained.

This increase is expected to ease cash flow challenges for customers, particularly in a period of heightened demand for liquidity.

“We now have more cash and that is why we are giving out more money. Simple.”

Meanwhile, Point of Sales operators have stated that an increase in the withdrawal limit would not reduce their service charge.

Currently, POS operators charge N800 for a withdrawal of N20,000 and N2,000 for a withdrawal of N50,000.

An operator, Faith, said a steady supply of cash would reduce service charges and not a one-time compliance by banks.

He said, “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.”