LAGOS, NIGERIA – Nigerian Deposit Money Banks (DMBs) are planning to raise their cash withdrawal limits from the current range of N20,000-N50,000 to over N80,000-N100,000, according to multiple bank officials. The move aims to tackle lingering queues in bank branches and ATM galleries in cities nationwide.
Last Friday, the Central Bank of Nigeria (CBN) directed commercial banks to open for operation on Saturday and Sunday to ease the circulation of old and new banknotes. This followed the CBN’s release of billions of old naira notes to DMBs after the Supreme Court resolved the legal controversy surrounding the naira redesign policy.
Despite banks operating throughout the weekend, customers thronged banking halls and ATM galleries on Monday to access cash. Reports from various bank branches in Lagos, Abuja, Ogun State, and other cities revealed that customers converged in large numbers to withdraw cash.
Banks, such as Zenith Bank, Keystone Bank, Eco Bank, and Access Bank, have experienced a reduction in queues at their branches in the Federal Capital Territory, Abuja. However, some banks like Keystone Bank claimed not to have cash for disbursement due to low allocation from the apex bank.
The new cash withdrawal limits will enhance currency circulation and permanently end queues in banking halls and ATM galleries.
Customers and business owners are already applauding the availability of naira notes, as it positively affects transactions and eases reliance on transfers or point-of-sale (POS) systems.
The currency change crisis in Nigeria has been challenging, as the Central Bank of Nigeria (CBN) grappled with controversies surrounding the naira redesign policy.
To alleviate the problem and enhance currency circulation, the CBN directed commercial banks to open for operation over the weekend and released billions of old naira notes to Deposit Money Banks (DMBs).
These efforts aimed to tackle lingering queues in bank branches and ATM galleries in cities across the country, which have persisted due to cash withdrawal limits and limited availability of banknotes.
In a show of commitment to resolving the crisis, the CBN governor personally supervised the process throughout the weekend.
