Banks in Nigeria have recently increased their maximum over-the-counter withdrawal limits to N50,000 per day.
This is a significant rise from the previous limit of N5,000. The change was implemented by several banks, including Guaranty Trust Bank (GTBank) and Zenith Bank, due to an increase in available cash.
An official from GTBank mentioned that the higher limit was possible because the bank now has more cash on hand. However, the withdrawal limit at Automated Teller Machines (ATMs) remains at N20,000.
Point of Sales (POS) operators have stated that this increase in withdrawal limits will not reduce their service charges.
Currently, POS operators charge N800 for a withdrawal of N20,000 and N2,000 for a withdrawal of N50,000. They emphasized that a steady supply of cash would be needed to reduce service charges.
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