The lingering cash scarcity in Nigeria has worsened as commercial banks enforce stricter withdrawal limits on Automated Teller Machines (ATMs). Daily Trust findings reveal that multiple account holders are now restricted to a daily withdrawal limit of N20,000, even as cash availability remains low.
Despite assurances from the Central Bank of Nigeria (CBN) to ensure cash supply during peak periods, customers continue to face difficulties. Some banks have further reduced ATM limits to N5,000, depending on cash availability.
A customer recounted being unable to withdraw beyond N20,000 across multiple accounts. “I used another ATM card, but it said my daily limit was exceeded,” he said.
At several bank branches, withdrawal limits vary. For example:
- Guaranty Trust Bank (GTB) limits withdrawals to N20,000 both at ATMs and over the counter.
- FCMB allows N40,000 for its customers but limits other bank withdrawals to N20,000.
- Zenith Bank has also capped daily ATM withdrawals at N20,000.
POS operators are particularly hard-hit. Mosuru Oluwasegun, a POS agent, lamented: “Banks dispense only N5,000 at times, which is insufficient for business operations.”
Bank officials, speaking anonymously, confirmed the limited cash supply, noting that branches are rationing available funds. “POS agents now source cash from markets and fuel stations because banks don’t have enough,” one official explained.
The situation has caused frustration nationwide as Nigerians struggle with restricted access to cash for their daily needs.
