Banks Limit Cash Withdrawals Amid CBN Directive

Banks in the Federal Capital Territory (FCT) opened their doors on Saturday, with many limiting cash withdrawals for customers.

A prominent tier one bank in Garki allowed customers to withdraw only N10,000 over the counter, while other branches of the same bank permitted withdrawals up to N20,000. Meanwhile, a second tier bank capped individual and corporate withdrawals at N100,000.

Crowds of customers were observed at the banks, waiting for service. On Friday, the Central Bank of Nigeria (CBN) instructed banks to return old N1,000, N500, and N200 denominations for redistribution to customers.

In a memo sent to banks, the CBN removed the N20,000 limit and raised the daily ATM withdrawal limit to N40,000. Over-the-counter withdrawal limits were also increased to N500,000 for individuals and N5 million for corporate customers.

A CBN official assured The Nation that the bank would continue providing cash to Deposit Money Banks (DMBs) to fulfill customer needs. T

he banks announced that they would be open for business on both Saturday and Sunday, as directed by the CBN. Customers were reminded that old notes remain legal tender and were encouraged to deposit or accept them over the counter. One bank noted that the CBN portal is no longer necessary for depositing old notes.