A correspondent's survey on Tuesday revealed that several banks, including Guaranty Trust Bank and Zenith Bank, have raised their withdrawal limits from the previous N5,000 cap implemented last month.
At the Guaranty Trust Bank branch on Airport Road, for example, over-the-counter withdrawals are now capped at N50,000, while Automated Teller Machine withdrawals remain limited to N20,000.
An official from the bank explained that the increase in the limit is due to an improved cash supply. “We now have more cash available, which is why we are able to offer higher withdrawal amounts,” the official stated.
In contrast, Point of Sales operators have noted that the rise in withdrawal limits will not lead to a decrease in their service charges. Currently, POS operators charge N800 for a N20,000 withdrawal and N2,000 for a N50,000 withdrawal.
One operator, Faith, emphasized that only a consistent cash supply would lead to lower service charges, rather than a temporary adjustment by banks. “How can I lower my fees just because banks are now allowing N50,000 withdrawals? Stability in cash supply is what will bring down the charges,” she remarked.