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BREAKING: Banks Set New ATM Withdrawal Limits For Customers

Nigerian commercial banks have instituted withdrawal limits on their automated teller machines (ATMs), with variations observed across different banks, according to an investigation by TheCable....CONTINUE READING

The development traces back to the cash scarcity episodes experienced in parts of Nigeria in the latter half of the previous year.

It will be recall that the Central Bank of Nigeria (CBN) attributed the scarcity, which peaked around November 2, 2023, to substantial withdrawals by banks and panic-driven customer activities at ATMs.

Despite the CBN’s assurance of having adequate currency notes to facilitate economic transactions, the issue of limited cash flow persisted.

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By December 13, the apex bank pointed to hoarding as a significant factor, noting that much of the currency distributed to banks ended up being retained by individuals rather than recirculating in the economy.

In an effort to manage the cash flow, the CBN had previously set withdrawal limits in December 2022, capping daily ATM withdrawals at N20,000 and weekly at N100,000.

However, following public backlash, these limits were revised to N500,000 weekly for individuals and N5,000,000 for corporate entities, effective January 9, 2023.

Current observations in Lagos indicate that banks have reinstated withdrawal restrictions on ATMs, aligning with ongoing efforts to stabilize cash distribution and promote cashless transactions.

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Furthermore, TheCable’s investigation revealed that these imposed limits affect customers even when they attempt withdrawals from ATMs of banks other than their own, indicating a broader strategy to control cash movement and address the challenges of currency availability in the market.

At three Guaranty Trust Bank (GTB) branches located in Ogba, Egbeda, and Fagba in Lagos state, the company’s account holders are only allowed to withdraw N20,000 per day at the ATM, while it dispenses a maximum of N5,000 to non-customers daily.

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However, another GTBank in Egbeda has a daily cap of N50,000 for customers and N20,000 for non-customers.

Also, Polaris Bank branches at Festac and Ikeja have N50,000 ATM withdrawal limit per day for the lender’s account holders — but non-customers can only withdraw N20,000 per day.

The limit is different for account holders of United Bank for Africa (UBA), as ATMs at the lender’s branches at Fagba and Ogba only dispense N20,000 and N60,000 to N100,000, respectively, whereas non-customers have a cap of N5,000 and N40,000 to N60,000, respectively.