Tuesday, 11 August 2015

CBN Orders Banks to Slash Domestic Daily ATM Withdrawals from ₦150,000 to ₦60,000

Banks in Nigeria have adopted a new arrangement to trim daily withdrawal on Authomatic Teller Machines
and foreign transactions on all Naira debit cards also called ATM cards.

This is in consonance with the CBN's plan to stabilize the Nigerian currency.

According to the new arrangement by the banks, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per day while foreign currency is $300 per day. Hitherto, the domestic withdrawal limit was N150,000 per day.

Also, spending limits on POS/eCommerce (online shopping) have been pegged at $300 (about N60,000) per day. Before this, the limit was N2 million per day.

The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad.

A source explains that in the new arrangement, a bank customer with multiple debit cards only the one linked to the primary transactional account will be enabled for use abroad.

A CBN’s statement says: “The CBN once again advises individuals that wish to source foreign currency for such 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 withdraws shall continue to be a maximum of $300 per day.”

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