Decongestion: Commercial Banks Set To Raise Individual’s Cash Withdrawal To N100, 000
LAGOS MARCH 28TH (NEWSRANGERS)-Commercial banks are set to raise their cash withdrawal limits from the current N20,000-N50,000 range to over N80,000-N100,000, according to multiple bank officials.
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 by PUNCH, most DMBs currently pay between N20,000 and N50,000 over-the-counter and Automated Teller Machines.
However, officials said banks were planning to raise the limits to enhance currency circulation and put a permanent end to queues in banking halls and ATM galleries.
Customers had on Monday thronged banking halls and ATM galleries to get cash despite the banks working throughout the weekend.
Visits to several bank branches in Lagos, Abuja, Ogun State and other cities revealed that customers in their numbers converged on bank premises to withdraw cash.
At the Federal Capital Territory, Abuja, bank customers were able to access cash with less stress.
A visit to various bank branches showed that the queues at banking halls and ATM galleries had reduced.
The banks include Zenith Bank, Keystone Bank, Eco Bank and Access Bank located in Area One and Central Area.
The Access Bank branch at Garki dispensed a maximum of N20,000 via its ATM.
At Ecobank located in the same area, its busy cashier paid N50,000 to its customers while non-account holders were allowed to withdraw N10,000 at its ATM stand.
At Zenith Bank customers were allowed to withdraw as high as N500,000 over the counter.
Saharareporters
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