July 05, (THEWILL) – Nigeria’s deposit money banks have announced revised transaction limits that allow their customers to withdraw up to N200,000 from the Automated Teller Machines (ATM) per day.
In a message to its customers through their e-mail, Zenith Bank said the cash withdrawal can be performed at its ATMs nationwide by other banks’ customers.
In the message entitled ‘Important Public Notice’, the bank said, “You can perform cash withdrawals of up to N200,000 (Two Hundred Thousand Naira) per day at any Zenith Bank Automated Teller Machines (ATMs) nationwide, even if you bank with other financial institutions.”
The notice stated that the N500,000 weekly cashless policy withdrawal limit for individuals still applies.
It could be recalled that the Central Bank of Nigeria (CBN) had in December 2022, directed deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities per week did not exceed N100,000 and N500, 000, respectively
However, due to the mixed reactions from Nigerians, the apex bank increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.
Daily ATM cash withdrawal for individuals was placed at N25,000 limit.
According to the CBN, the aim is to boost the cashless policy and reduce the amount of cash outside the banking system.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
