Deposit Money Banks in the Federal Capital Territory (FCT) have increased their daily over-the-counter withdrawal limit to ₦50,000, a significant rise from the previous cap of ₦5,000.
A survey conducted by The PUNCH on Tuesday revealed that banks such as Guaranty Trust Bank (GTBank) and Zenith Bank have implemented the new withdrawal limits as cash availability improves.
At a GTBank branch along the Airport Road in Abuja, customers were permitted to withdraw up to ₦50,000 over the counter, although Automated Teller Machines (ATMs) at the same branch maintained a daily withdrawal limit of ₦20,000.
An official at the branch attributed the increase to an improved cash supply.
“We now have more cash, and that is why we are giving out more money. Simple,” the official said.
Meanwhile, Point of Sale (POS) operators noted that the increased bank withdrawal limits may not immediately affect service charges.
Currently, POS operators charge ₦800 for withdrawals of ₦20,000 and ₦2,000 for ₦50,000.
An operator, identified as Faith, stated that only a consistent and reliable cash supply could influence a reduction in charges.
“How will I reduce my charges because banks are now giving ₦50,000? Let it be stable first, then it would reduce,” she explained.
The development reflects efforts by financial institutions to ease cash constraints for customers, but its impact on POS charges and broader economic activities remains to be seen.
