Banks in the Federal Capital Territory have raised the daily withdrawal limit for over-the-counter transactions to N50,000, easing cash access for customers after recent shortages.
A survey conducted by The PUNCH showed that banks like Guaranty Trust Bank and Zenith Bank increased their withdrawal limits.
At a GTBank branch along the airport road, customers could withdraw up to N50,000 over the counter, while ATM withdrawals were capped at N20,000.
An official at the bank explained, “We now have more cash, and that is why we are giving out more money. Simple.”
Despite the increase, Point of Sale operators have maintained their service charges. Currently, they charge N800 for withdrawals of N20,000 and N2,000 for withdrawals of N50,000.
A POS operator named Faith said, “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.”
There has been significant cash scarcity plaguing the country for weeks now. Reports indicate that the shortage is caused by, cash hoarding and limited cash circulation, with many Automated Teller Machines dispensing only small amounts or being non-functional altogether
A POS operator in Ibadan confided that he buys cash due to shortage and withdrawal limits from banks, “There’s no cash, I had to buy this N200,000 for N20k this morning”
