ATM Cash Withdrawal Limit Increased To N200,000 By Banks

Commercial banks in Nigeria have started raising the maximum daily cash withdrawal limit on automated teller machines (ATMs) to N200,000, several months after imposing restrictions. Zenith Bank, in an email notice to customers, announced that they can now withdraw up to N200,000 per day from its ATMs nationwide, regardless of the bank that issued the card. However, the bank clarified that the weekly cashless policy withdrawal limit for individuals of N500,000 remains unchanged.

While other banks in the country are expected to follow suit, they have not yet made official announcements regarding the increased withdrawal limits. Previously, most banks had imposed a daily withdrawal limit of N20,000 on their ATMs for cards issued by other banks as part of the naira redesign policy.

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The Central Bank of Nigeria (CBN) had previously restricted weekly cash withdrawals to N100,000 for individuals and N500,000 for organizations. It also set a daily withdrawal limit of N20,000 for point-of-sale (POS) and ATM transactions, effective from January 9, 2023. However, customers found ways around these limits by seeking out their bank’s ATMs for additional withdrawals or opting for cash withdrawals over the counter.

Despite the CBN’s directive to load only denominations of N200 and below into ATMs, all ATMs are currently dispensing only N1,000 and N500 notes. Additionally, the limits on POS transactions have been exceeded, allowing customers to withdraw more than N20,000 per day.

The increase in ATM withdrawal limits provides customers with greater flexibility and convenience, enabling them to access larger amounts of cash when needed. However, it is important for individuals to exercise caution and adhere to responsible financial practices when making cash withdrawals.