Deposit money banks in the Federal Capital Territory have raised their over-the-counter withdrawal limits to N50,000 per day.
This change follows a survey conducted by The PUNCH, revealing an increase from N5,000 last month. Banks like Guaranty Trust Bank and Zenith Bank are part of the adjustment to the higher limit. At the GTBank branch along Airport Road, customers can withdraw up to N50,000 at the counter.
However, the withdrawal limit remains at N20,000 for Automated Teller Machines (ATMs) at the same bank. A bank official stated that more cash availability led to the limit increase. The increase in cash circulation has made it possible for banks to offer higher withdrawal amounts. Despite the adjustment, Point of Sale (POS) operators maintain current service charges, unaffected by the bank’s new limit. Currently, POS operators charge N800 for N20,000 withdrawals and N2,000 for N50,000 withdrawals. Faith, a POS operator, emphasized that stable cash flow would lower service charges, not a one-time limit increase.
