FCT Banks Increase Over-The-Counter Withdrawal Limit To N50,000

Deposit Money Banks (DMBs) in the Federal Capital Territory (FCT) have raised their maximum over-the-counter cash withdrawal limit to N50,000 per day, a significant increase from the previous N5,000 limit. Findings from a survey conducted on Tuesday revealed that this adjustment has been implemented by several banks, including Guaranty Trust Bank (GTBank) and Zenith Bank.

At the GTBank branch along Airport Road, customers were allowed to withdraw up to N50,000 over the counter, while withdrawals at the bank’s Automated Teller Machines (ATMs) remained capped at N20,000. A bank official cited improved cash availability as the reason for the increased withdrawal limit. “We now have more cash and that is why we are giving out more money. Simple,” the official explained.

Impact on Point-of-Sales (POS) Operators

Despite the increase in bank withdrawal limits, Point of Sales (POS) operators have indicated that their service charges remain unchanged. Currently, operators charge N800 for a withdrawal of N20,000 and N2,000 for a withdrawal of N50,000.

A POS operator, Faith, emphasized that charges are influenced by the stability of cash supply rather than one-time adjustments by banks. She remarked, “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.”

Implications for Cash Accessibility

The increase in withdrawal limits is seen as a move to ease the cash crunch experienced by Nigerians in recent months. However, its long-term effect on service charges and accessibility to cash, especially in underserved areas, remains uncertain. For now, stakeholders are watching to see if banks can maintain steady cash availability to sustain this change.