Increased cash supply eases withdrawal limits, but POS charges remain steady

Banks in the Federal Capital Territory have raised their daily over-the-counter withdrawal limit to N50,000, signaling an improvement in cash availability. This move marks a significant increase from the N5,000 limit imposed last month. A visit to several banks on Tuesday, including Guaranty Trust Bank and Zenith Bank, revealed the change. At the GTBank branch along Airport Road, customers can now withdraw up to N50,000 over the counter, while the Automated Teller Machines (ATMs) maintain a limit of N20,000 per transaction.

An official at the branch attributed the adjustment to an increased cash supply, stating, “We now have more cash and that is why we are giving out more money. Simple.”

Despite this development, Point of Sale (POS) operators have indicated that the increased withdrawal limit will not immediately reduce service charges. Current fees remain high, with customers paying N800 for a withdrawal of N20,000 and N2,000 for N50,000.

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