Deposit Money Banks in FCT Increase Withdrawal Limits to N50,000
Banks operating in the Federal Capital Territory (FCT) have raised their maximum over-the-counter (OTC) withdrawal limits to ₦50,000 per day, according to findings by our correspondence This adjustment comes after a prior restriction that capped withdrawals at ₦5,000 in the previous month.
Changes in Withdrawal Policies
Several banks, including Guaranty Trust Bank (GTBank) and Zenith Bank, have implemented the increased withdrawal limits:
- Over-the-Counter Withdrawals: Customers can now withdraw up to ₦50,000 daily.
- ATM Withdrawals: The daily limit remains at ₦20,000 for automated transactions.
At GTBank’s branch along the airport road, a bank official confirmed that the higher limits are due to improved cash availability. The official stated:
“We now have more cash, and that is why we are giving out more money. Simple.”
Impact on Point of Sales (POS) Charges
Despite the increased withdrawal limit, POS operators indicate that their service charges will remain unchanged.
- Current Charges: ₦800 for ₦20,000 withdrawals and ₦2,000 for ₦50,000 withdrawals.
- Reasoning: Operators argue that consistent cash availability, not temporary adjustments, would justify reducing their fees.
One operator, Faith, explained:
“How will I reduce my charges because banks are now giving ₦50,000? Let it be stable first, then it would reduce.”
The increase in withdrawal limits reflects improved cash flow within banks, potentially easing financial transactions for customers. However, POS service charges remain tied to cash supply stability, highlighting a broader issue of cash availability in the banking ecosystem.