Following the scarcity of Naira note that has hit Nigerian market, commercial Banks in the Federal Capital Territory, FCT have increased their maximum over-the-counter withdrawal limit to N50,000 per day, as against the N10,000 that was formerly obtainable last month. It was learned that banks like, the Guaranty Trust Bank, Zenith Bank, and First bank have increased the withdrawal limit, enhancing it from N10,000 that was allowed to customers last month.
At the GTBank branch located in Garki, Area 3, customers were allowed to withdraw N50,000 over the counter but a limit of N20,000 at its Automated Teller Machines, ATM.
According to Vigil360 findings, the banks have in the last one week have received cash from the central bank to argument what they have, and this has made them to increase the limit of withdrawals.
Meanwhile, Point of Sales, POS operators have insisted that an increase in the withdrawal limit would not reduce their service charge until market remain stable.
Currently, POS operators charge N600- N800 for a withdrawal of N20,000 and N2,000 for a withdrawal of N5,000.
Some POS operators interviewed revealed that as long as the bank will supply them with steady cash, the natural market forces of demand and supply will crash the charges.
Although some of the POS operators were of the opinion that they were still monitoring the bank supply of cash before they can make a review of charges downwards.
