ATM withdrawal limits: CBN faults banks

The Central Bank of Nigeria (CBN) has disagreed with the new policy on cash withdrawals by some banks on their Automatic Teller Machines (ATMs), which imposed N60, 000 per day limit while also limiting foreign currency withdrawal per day to $300.
CBN Director of Corporate Communications, Ibrahim Muazu, said on Monday that the apex bank policy was just on ATM cash withdrawal limit of $300 per day and POS/online purchases abroad which has a limit of $50,000 per annum.
He stated that the apex bank’s policy does not affect or stipulate any limit for domestic (Naira) withdrawal. He also added that the $10,000 single transaction limit even if it stays within the $50,000 annual limit stipulated by CBN is in violation of the rule.

Read also: Withdrawal limits on ATMs reduced

Muazu also explained that the basic thrust of the policy on withdrawal limits in foreign transactions was to curb abuse of the exchange system while preventing people from trading with their ATMs abroad, which according to him, eats into the country’s foreign reserve.
In the wake of the apex bank’s measures against speculative demands for foreign exchange, banks have followed with series of actions limiting volume of transactions allowable on electronic payment cards.

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