Banks Reduce Daily Withdrawal Limit on ATMs,Foreign Transactions

Nigerian banks have reduced the daily withdrawal limit on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).

According to VANGUARD, in the new arrangement, 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.

Source: Nigeria Bulletin

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