Banks Lower Daily Withdrawal Limit on ATMs

The latest in banking industry developments is a reduction in the Naira cash withdrawal limits from automated teller machines (ATMs), Vanguard reports. From henceforth, Nigerians will only be permitted  to withdraw a maximum of N60,000 domestically as opposed to the previous sum of N150,000 per day. While abroad, the slated limit is $300 per day. In recent weeks, the Nigerian banking industry has been implementing drastic changes in response to a decline in the value of the Naira. An additional change is the separation of tradition ATM from MasterCard credit cards, deactivating the usefulness of the former for foreign transactions. It must be noted that most banks are implementing alternative solutions for the sake of customers who are being asked to reapply for new cards. According to Vanguard News, Standard Chartered Bank customers are to request for a complementary ATM card for domestic use only so that the original N150,000 daily cash withdrawal limit can be restored and also reactivate POS/online purchase limit of N2 million per day.     Source: Vanguard News  

---

You might also like:

• The CBN’s Plan To Redesign The Naira: 6 Facts You Should Know
• BREAKING: CBN To Redesign the Naira Notes
• Buhari Signs Startup Bill: What It Means
• Nigerian-Born Kemi Badenoch Nominated To Succeed Boris Johnson As UK’s Prime Minister

This article was first published on 11th August 2015

---

---

Comments (0)