Banks Boost Daily Withdrawal Limit to N50,000 in Abuja

Deposit Money Banks in the Federal Capital Territory have raised their daily over-the-counter withdrawal limit to N50,000, according to report s from The PUNCH.

A recent survey conducted by our correspondent on Tuesday revealed that several banks, including Guaranty Trust Bank and Zenith Bank, have made this adjustment, up from the previous limit of N5,000 that was in effect last month.

At a GTBank branch along Airport Road, customers are now permitted to withdraw N50,000 at the counter, while the limit remains at N20,000 for Automated Teller Machine transactions. An official from the bank stated, “We now have more cash available, which is why the withdrawal limit has been increased.”

Despite this positive adjustment for bank customers, Point of Sales (POS) operators have indicated that the rise in withdrawal limits will not lead to a decrease in their service fees. Currently, POS operators charge N800 for a N20,000 withdrawal and N2,000 for a N50,000 transaction.