Confusion trails ATM withdrawal limit Directive

Confusion has continued to trail the daily withdrawal limit by the customers in the Automated Teller Machines (ATMs) as some banks claimed ignorance of the directives when contacted.
Media reports yesterday stated that the banks have limited the daily withdrawal to N60,000 in compliance with the CBN circular on the naira debit cards.

When contacted yesterday some banks said they only read the story in the pages of papers. Banks like Jaiz bank and UBA denied any knowledge of a directive on the reduction of withdrawal limit by the CBN on local transactions.

Some banks last week applied the directives to the local users of Naira and Credit and Debit cards  by also limiting the domestic cash withdrawal on their ATM to N60,000 maximum daily.

GT Bank which is among the banks that applied the N60,000 limit yesterday reversed its decision to the N150 thousand daily limit.  Cornelius Onuoha, the media consultant to the GTB who confirmed the development to Daily Trust said: “The latest information is that it has been revived upwards, there was a downward review as at Friday, Saturday last week but that has been reviewed upwards as at Monday this week”

He said the initial downward review was informed by the tight dollar liquidity and the fact that the bank wanted to be  able to meet the demand of its  mass number of customers.

When Contacted the CBN spokesperson Ibrahim Mua’zu said there is no such directives from the CBN to limit the daily withdrawal to N60,000.

He said the CBN regards such actions as the banks’ initiatives and has no hand in it.

Source: Daily Trust

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