Banks raise withdrawal limit to N50,000

Deposit Money Banks in the Federal Capital Territory have increased their maximum over-the-counter withdrawal limit to N50,000 per day, findings by The PUNCH have shown.

A survey conducted by our correspondent on Tuesday revealed that banks, including Guaranty Trust Bank and Zenith Bank, have increased the withdrawal limit, enhancing it from N5,000 that was allowed to customers last month.

At the GTBank branch located along the airport road, customers were allowed to withdraw N50,000 over the counter but a limit of N20,000 at its Automated Teller Machines.

An official who spoke to our correspondent said the bank is now in possession of more cash and that is the reason why the limit was increased.

“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.”