Banks Implement New ATM Withdrawal Limits Amidst Cash Scarcity Concerns

Banks Implement New ATM Withdrawal Limits Amidst Cash Scarcity Concerns

Nigerian commercial banks have rolled out ATM withdrawal limits, each with its variations, as revealed by an investigation conducted by TheCable. This development follows episodes of cash scarcity experienced in parts of Nigeria during the latter half of the previous year…..READ ALSO CBN Increases Minimum Capital Base For Banks

Attributing the scarcity to significant withdrawals by banks and panic-driven customer activities at ATMs, the Central Bank of Nigeria (CBN) acknowledged the challenges faced, despite assurances of adequate currency notes availability.

In December 2022, the CBN initially set withdrawal limits at N20,000 daily and N100,000 weekly, later revising them to N500,000 weekly for individuals and N5,000,000 for corporate entities from January 2023, following public outcry.

Recent observations in Lagos indicate reinstated withdrawal restrictions on ATMs, aiming to stabilize cash distribution and promote cashless transactions. These limits extend to withdrawals from other banks’ ATMs, indicating a comprehensive strategy to control cash movement.

Here’s a breakdown of the ATM withdrawal limits observed across different banks and branches in Lagos:

• Guaranty Trust Bank (GTB): Daily limits range from N20,000 to N50,000 for account holders and N5,000 to N20,000 for non-customers.
• Polaris Bank: Account holders can withdraw up to N50,000 daily, while non-customers are limited to N20,000.
• United Bank for Africa (UBA): Daily limits vary from N20,000 to N100,000 for account holders and N5,000 to N60,000 for non-customers.
• Union Bank: Account holders can withdraw between N20,000 to N70,000 daily, with non-customers limited to N20,000 to N40,000.
• Ecobank: Account holders have daily limits ranging from N40,000 to N400,000, while non-customers are capped at N20,000.
• Keystone Bank: Limits range from N40,000 to N200,000 for account holders and N20,000 to N100,000 for non-customers.
• Zenith Bank: Account holders can withdraw up to N100,000 daily, with non-customers limited to N30,000 to N50,000.
• First City Monument Bank (FCMB): Daily limits for account holders stand at N40,000, while non-customers can withdraw N20,000.
• Sterling Bank: Account holders have a daily limit of N50,000, with non-customers limited to N25,000 to N50,000.

Similar limits are enforced across other banks, reflecting a concerted effort to manage cash flow amidst ongoing challenges.