Cash Crunch: Banks Increase Withdrawal Limits

Deposit Money Banks have raised the daily withdrawal limit from N20,000-N50,000 range to over N80,000-N100,000.

The move, it was learnt, would help bank branches to tackle lingering queues in some cities across the country.

The Central Bank of Nigeria had on Friday directed commercial banks to open for operation on Saturday and Sunday, as part of a coordinated effort to ease the circulation of old and new banknotes.

This came after the CBN began the release of billions of old naira notes to DMBs. The central bank on Thursday finally obeyed the Supreme Court on the legal status of the old naira notes after months of controversy that trailed the naira redesign policy.

According to findings, most DMBs currently pay between N20,000 and N50,000 over-the-counter and Automated Teller Machines.

Banks were planning to raise the limits to enhance currency circulation and put a permanent end to queues in banking halls and ATM galleries.