Deposit Money Banks in the Federal Capital Territory have upped the maximum over-the-counter withdrawal limit to N50,000 per day.
According to a poll done by the Punch on Tuesday, banks such as Guarantee Trust Bank and Zenith Bank have upped the withdrawal limit, which was previously set at N5,000 per month.
Customers could withdraw N50,000 over the counter at the GTBank branch on the airport road, but only N20,000 from its Automated Teller Machines.
An official who spoke with our correspondent stated that the bank now has more cash, which is why the limit was increased.
“We now have more cash, and that is why we are giving out more money. Simple.”
Meanwhile, Point-of-Sale operators have said that increasing the withdrawal limit will not cut their service charges.
Currently, POS providers charge N800 for N20,000 withdrawals and N2,000 for N50,000 withdrawals.
Faith, an operator, stated that a consistent supply of cash would lower service prices rather than requiring banks to comply once.
He said, “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.”
