Deposit Money Banks (DMBs) in Nigeria have increased maximum withdrawal limit at the over-the-counter in their branches from N20, 000 to N50, 000.
FACTSHEET checks in some banks in Enugu, Lagos, Rivers, the Federal Capital Territory (FCT) reveal that the banks have started paying customers N50, 000 cash in the banking hall and at the ATMs points.
This is in compliance with the directive of the Central Bank of Nigeria (CBN) which has directed banks across the country to ensure smooth dispensing of cash to bank customers.
In a circular issued on November 29, 2024 and signed by Solaja, Mohammed J. Olayemi, Acting Director Currency Operations and Isa-Olatinwo, Aisha, Acting Director, Branch Operations respectively with reference number, COD/DIR/CIR/001/023 and titled, “Cash availability in over the counter for money deposit Banks (DMBs) and Automated Teller Machines (ATMs),” the apex bank directed banks in the country to ensure that customers were paid cash both in the banking halls and at the ATM points without hitches.
Part of the circular, reads, “As part of these ongoing efforts, we would like to draw attention to the following directives and guidelines:
“Deposit Money Banks (DMBs), are directed to ensure efficient cash disbursement to customers Over-the-counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance.”
The CBN also called on members of the public to report any defaulting banks to the channels provided for its 37 outlets across the country.
“Members of the public who are unable to obtain cash Over-the-counter or through ATM at DMBs are encouraged to report these instances using designated reporting channels,” the CBN stated.
Some customers of banks who spoke to FACTSHEET confirmed that it is now easier to get money in the banks.