Bank reduces ATM withdrawal limit to N60,000

Perhaps in a bid to roll back the value of the naira that has tumbled against other international currencies in recent times, Banks in the country has reduced the daily withdrawal limits from Automated Teller Machines (ATM) from  N150,000 to N60,000.

The daily withdrawal limits on foreign currency was also reduced to $300 per day.


In the new arrangement, debit cards can no longer be used for transactions abroad.
Also, the daily spending limits on POS/eCommerce (online shopping) was reduced from N2 million to  $300 (about N60,000) per day.

However, banks are finding a way around the new policy to enable their meet some of their financial needs.

For instance, Standard Chartered Bank has asked its customers to request a complimentary ATM card for domestic use only so that the original N150,000 daily cash withdrawal limit can be restored and also reactivate POS/online purchase limit of N2 million per day.
Some banks also required their customers to apply for a foreign currency denominated ATM linked to domiciliary account which would be enabled with no daily or annual international transaction limits.

These developments were coming on the heels of Central Bank of Nigeria’s (CBN) statement on Sunday that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles,” such as remittances for school fees, student maintenance allowances, BTA, PTA, medical and other eligible transactions, shall be fully met at the official/interbank exchange rate.
The statement stated: “The CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.
“The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes.

“Furthermore, holders of Naira denominated debit and credit cards shall continue to have access to the use of their cards at ATMs in any part of the world but subject to the annual limit of $50,000. ATM withdraws shall continue to be a maximum of $300 per day.”

Source: Vanguard