Banks Increase Daily Withdrawal Limit For Customers

Commercial Banks across Nigeria has increased their daily cash withdrawal limits from the proposed N20,000 – N50,000 range to over N80,000 – N100,000 range.

VerseNews Nigeria reports that this disclosed by some bank officials who said the increase to ease the hardship and naira scarcity caused by the naira redesign policy.

Following the implementation and execution of the naira redesign policy before the 2023 general elections, Central Bank of Nigeria (CBN) directed had restricted over-the-counter cash withdrawals by individuals and organizations to N100,000 and N500,000, respectively, per week.

The apex bank also limited cash withdrawals through point-of-sale (POS) machines and automated teller machines (ATM) to N20,000 daily and N100,000 weekly, respectively.

After the deadline by the CBN on the existence of old N500 and N1000 notes as a legal tender, banks were directed to stop receiving or paying the old naira currencies.

This led to naira scarcity which resulted to economic unrest and attempted to cripple many business across the country.

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However, there was a relief after the Supreme Court order on March 3, 2023 which ruled that all the old notes should be released back to circulation and accepted as legal tender till December 31, 2023.

CBN initially showed non-compliance to the court’s order but last week through its Governor, Godwin Emefiele announced the release of billions of old naira notes to Deposit Money Banks (DMBs) to ensure there was enough cash in circulation.

Emefiele also said DMBs has been instructed to work over the weakened (Saturday and Sunday) to ensure that Nigerians have access to money.

This Online News Media reports that residents in some states confirmed that they can now withdraw and make their transactions without queuing for long