Banks directed to reduce withdrawal limits on ATMs

The Central Bank of Nigeria (CBN) has directed banks in Nigeria to limit Naira cash withdrawal at ATMs to N60 000 per day while foreign currency is $300 per day, Punch reports.

Before the directive, the domestic withdrawal limit was N150 000 per day.

This is contained in a statement issued CBN on Sunday to all money deposit banks.

The new arrangement will have banks separate traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad. Hitherto, a single ATM card serves for transactions for both domestic and abroad.

Also read: CBN has decided to limit our freedom to our money

CBN said 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 added that already all the legitimate demands for such transactions through recognised channels have so far been fully met by CBN.