Nigeria’s deposit money banks have increased the daily ATM withdrawal limit to N200,000 per day. Zenith Bank, one of the top banks in the country, announced the revised transaction limits, allowing customers to withdraw up to N200,000 from their ATMs nationwide, even if they bank with other financial institutions.
However, the N500,000 weekly cashless policy withdrawal limit still remains the same for the people.
This change comes after the Central Bank of Nigeria (CBN) initially set a maximum daily cash withdrawal limit of N20,000 per person through ATMs.
The CBN’s aim is to boost the cashless policy and reduce the amount of cash outside the banking system.
The increase in the daily withdrawal limit follows reports of a cash crunch affecting other banks, leading to cash rationing on ATMs and over-the-counter transactions.
Banks have set different rules for withdrawals based on cash availability, with some ATMs dispensing only N5,000 per transaction and customers limited to withdrawing up to N40,000 daily. Many other banks are also restricting cash transactions and withdrawals on ATMs.
In addition to the ATM withdrawal limit increase, Zenith Bank has been rated as the best bank in Nigeria in a global ranking by Bankers Magazine.
The bank has maintained its position as the number one tier-1 bank in the country for the 14th year, with a tier capital of $2.54 billion. This recognition highlights Zenith Bank’s strong performance and stability in the Nigerian banking sector.
The increase in the ATM withdrawal limit may provide more convenience and flexibility for the customers. It will allow them to access larger amounts of cash when they need it.
However, the weekly cashless policy withdrawal limit of CBN N500,000 remains the same.
The country’s government and financial institutions are trying to encourage digital transactions and reduce physical cash, like the Indian government did.