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 limit of N5,000 set last month.
This adjustment, confirmed by The PUNCH, reflects an improved cash supply in the banking system.
At a Guaranty Trust Bank (GTBank) branch along the airport road, customers can now withdraw up to N50,000 over the counter, while Automated Teller Machines (ATMs) remain capped at N20,000 per transaction. A bank official explained the change, stating, “We now have more cash, and that is why we are giving out more money. Simple.”
However, Point of Sale (POS) operators indicated that the increased withdrawal limit would not immediately impact their service charges. Currently, POS operators charge N800 for N20,000 withdrawals and N2,000 for N50,000.
One operator, identified as Faith, noted that a consistent and reliable cash supply is necessary before service charges can be adjusted. “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce,” he said.
The recent increase in withdrawal limits suggests efforts to address cash availability issues, though its long-term effects on financial transactions and service charges remain to be seen.
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