Months after banks limited withdrawals on Automated Teller Machines (ATMs), business banks in the nation are starting to build the greatest amount of money clients can pull out consistently to N200,000.
This, it said, is regardless of the bank that gave the card.
The bank, nonetheless, expressed that the N500,000 week after week credit only arrangement withdrawal limit for people actually stands.
There are hints that different banks in the nation might follow this way, by permitting their clients to pull out, through ATM terminals, enormous amounts in the locale of N200,000, despite the fact that they have not disclosed it.
Before now, most banks had put a constraint of N20,000 everyday withdrawal on their ATM terminals predominantly for cards gave by different banks. The breaking point had been set up during the naira redesign strategy.
The Central Bank of Nigeria (CBN) had, last December, restricted week by week cash withdrawals over the counter to N100,000 for people and N500,000 for associations. It likewise set day to day cash withdrawals at Point of Sale (POS) and ATM terminals at N20,000 each day, with the mandate producing results from January 9, 2023.
Clients had depended on searching out their bank ATMs where they could make more withdrawals, or making cash withdrawals over the counter.
A circular issued by the apex bank during the period stated that “the maximum cash withdrawal per week via ATM shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
“Only denominations of N200 and below shall be loaded into the ATMs. The maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily.”
The limits on POS as well as denomination part of the statement have, however, not held ground as cash withdrawals limit through POS has since been in excess of N20,000 while all ATMs are dispensing only N1,000 and N500 notes.
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