Banks set new ATM withdrawal limits for customers below CBN's provision

  • 📰 thecableng
  • ⏱ Reading Time:
  • 88 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 39%
  • Publisher: 80%

Nigeria Headlines News

Nigeria Latest News,Nigeria Headlines

Nigeria's independent online newspaper

This followed reported cases of cash scarcity in some parts of the country in the second half of last year.

However, another GTBank in Egbeda has a daily cap of N50,000 for customers and N20,000 for non-customers. The withdrawal limit for Zenith Bank account holders is N100,000 per day at ATMs located at the company’s branches in Aguda and Festac, but non-customers can only withdraw N30,000 and N50,000, respectively.At its branches in Allen and Akowonjo, First City Monument Bank has an ATM withdrawal cap of N40,000 for account holders, while N20,000 is dispensed to non-customers per day.

First Bank of Nigeria also limited account holders’ ATM withdrawals to N40,000 daily, according to findings at its branches in Allen and Berger. However, account holders of Premium Trust Bank can withdraw N40,000 daily at the company’s ATMs in Allen and Adeola Hopewell branches but non-customers are only able to withdraw N10,000 and N40,000 to N50,000 per day, respectively.

Also, findings at Suntrust Bank, located in Sanusi Fafunwa, showed account holders are limited to N20,000 a day and non-customers can withdraw N20,000-N30,000 daily. TheCable also learnt that ATMs at Wema Bank branches in Oba Akran and Ojodu are dispensing N40,000 to account holders daily, but non-customers limit depends on their banks.In a notice to customers, seen by TheCable, Stanbic IBTC Bank advised withdrawals should be limited to one bank card per transaction when using the company’s ATM to avoid cash shortage.

Also, a top official in the banking industry — with knowledge of the withdrawal limits adopted by the banks — said financial technology firms are one of the reasons banks are limiting withdrawal at their ATMs. Commenting on the disparity in limit for its account holders and non-customers, Access Bank said the former are prioritised.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Merger looms as CBN raises capital requirements for banks in NigeriaBank mergers are imminent as the Central Bank of Nigeria, CBN, has raised minimum capital requirements for banks. CBN disclosed this in a circular signed by the Financial Policy and Regulation Department Director, Haruna Mustafa, and issued to all commercial, merchant and non-interest banks.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Expedite Action On Recapitalisation, CBN Tells BanksThe Latest News from Nigeria and Around the World
Source: channelstv - 🏆 7. / 63 Read more »

Banks show signs of illiquidity, borrow over N24tr from CBN in three monthsIn less than three months, covering January to last week, deposit money banks (DMBs) drew N24.13 trillion from the Central Bank of Nigeria (CBN) through the discount window to meet short-term obligations, a trend that points to some liquidity gap in the financial system.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

CBN reiterates directive to banks on utilisation of forex gainsPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Source: PremiumTimesng - 🏆 3. / 78 Read more »

You can’t use FOREX revaluation gains to pay dividends – CBN warns Nigerian BanksThe Central Bank of Nigeria has insisted that commercial banks in the country cannot use their foreign exchange revaluation gains to pay dividends or meet operational expenses. The apex bank made this known in a circular on Thursday by the acting Director of the Banking Supervision Department, Adetona Adedeji.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Banks, experts okay CBN’s policy on recapitalisationThe Nation Newspaper Banks, experts okay CBN’s policy on recapitalisation
Source: TheNationNews - 🏆 6. / 69 Read more »