Top Stories
Banks increase withdrawal limit to N50,000
Deposit Money Banks in Abuja have raised their maximum over-the-counter withdrawal limit to N50,000 per day.
Punch conducted a survey, which showed that banks, including Guaranty Trust Bank and Zenith Bank, have increased the withdrawal limit.
It is an increase 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 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.
