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Banks Shrink ATM Daily Withdrawal Limit.

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In a bid to follow up on the recent ban on foreign currencies deposits in commercial banks in Nigeria, the Central Bank of Nigeria (CBN) under a new arrangement has directed all commercial banks in Nigeria to cut down on customers daily withdrawal limit on Automated Teller Machines (ATM) and daily spending limit on foreign transactions on all Naira Automated Teller Machine Cards (Debit cards).

Under this new arrangement, the ATMs that are activated for domestic transactions have been pegged to N60, 000 daily withdrawal limit (from N150,000 daily withdrawal limit) while those activated for foreign transactions have been pegged to $300 daily spending limit via POS and other online transactions.

 

However, many Nigerians have expressed their dissatisfaction with this development as they feel it will affect their legitimate transactions like school fees remittances, students upkeep allowances payments, foreign medical treatment payments and so on BUT the CBN has come out to assure Nigerians in a statement that all legitimate transactions will be allowed at the interbank exchange market.

 

The CBN statement reads,”The CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demands for foreign exchange for eligible transactions. The CBN once again advises individuals that wish to source foreign currency for 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 withdrawals shall continue to be $300 per day.”