By Ibrahim Danladi

Commercial banks in Nigeria have started raising the daily maximum cash withdrawal limit on automated teller machines (ATMs) to ₦200,000, signaling a relaxation of previous restrictions. Zenith Bank recently informed its customers via email that they can now withdraw up to ₦200,000 per day from its ATM terminals across the country, regardless of the bank that issued their card. However, it’s important to note that the weekly cashless policy withdrawal limit of ₦500,000 for individuals remains unchanged.

There are indications that other banks may follow suit and permit their customers to withdraw larger amounts, around ₦200,000, through ATM terminals, although they have not made any official announcements to that effect. Previously, most banks had set a daily withdrawal limit of ₦20,000 on their ATMs, particularly for cards issued by other banks. This limit was put in place during the naira redesign policy.

The Central Bank of Nigeria (CBN) had implemented measures last December, including limiting weekly cash withdrawals to ₦100,000 for individuals and ₦500,000 for organizations. Daily cash withdrawals at point-of-sale (POS) terminals and ATMs were capped at ₦20,000, effective from January 9, 2023.

Customers had been resorting to seeking out their own bank’s ATMs to make multiple withdrawals or conducting cash withdrawals over the counter. However, some circulars issued by the CBN regarding cash withdrawal limits, denominations, and POS transactions have not been strictly enforced. Cash withdrawals exceeding ₦20,000 through POS terminals have been commonplace, while ATMs have been dispensing only ₦1,000 and ₦500 notes.