Banks Raise Cash Withdrawal Limits To Reduce Queues

Deposit Money 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 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, most DMBs currently pay between N20,000 and N50,000 over-the-counter and Automated Teller Machines.

However, officials told our correspondents that 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.