Zenith Bank Raises Daily Withdrawal Limit to N200,000 Daily on ATM as Banks Ration Cash
- One of Nigeria’s top banks, Zenith Bank, said its customers can withdraw up to N200,000 via ATMs
- The bank stated that the CBN N500,000 weekly withdrawal limit still applies
- The development follows a reported cash crunch hitting other banks as they embark on cash rationing on ATMs and across-the-counter
One of Nigeria’s tier-1 banks, Zenith Bank, adjusted its cash withdrawal limit to N200,000 daily at its ATMs nationwide.
Nigeria’s apex bank, the Central Bank of Nigeria (CBN), had pegged the maximum cash withdrawal per week per person through ATMs at N20,000 daily cash withdrawal.
Zenith applies N500,000 weekly cash withdrawal
In a message on Wednesday, July 5, 2023, Zenith Bank said customers can perform cash withdrawals of up to N200,000 daily at Zenith Bank ATMS nationwide.
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The bank said:
“You can perform cash withdrawals of up to N200,000 per day at the Zenith Bank ATMs nationwide, even if you bank with other financial institutions,” the bank said in a notice to its customers titled ‘Important Public Notice.’
BusinessDay reports that the bank said CBN’s N500,000 weekly cashless policy withdrawal limit still applies.
Banks ration cash at ATMs, over-the-counter transactions
The development comes as commercial banks in Nigeria begin rationing cash on ATMs and over-the-counter, according to a report by The Nation.
The development indicates that cash scarcity may have returned to the Nigerian economy.
Banks have also set different rules on ATMs and over-the-country withdrawals based on cash availability.
According to reports, the banks’ ATMs were set to dispense N5,000 per transaction, and customers can withdraw up to N40,000 daily.
Many other banks are restricting cash transactions and withdrawals on ATMs.
Other new-generation banks are also limiting cash on ATMs.
Under the cash withdrawal limit policy, the CBN had placed cash withdrawal limits of a maximum of N500,000 weekly on individuals and a maximum of N5 million weekly on corporate entities.
Zenith Bank rated best in Nigeria in new global ranking
The Nigerian bank retained its position as the number Tier-1 bank in the country for the 14th year to emerge as the 467th bank globally with a Tier capital of $2.54 billion.
According to a statement published in the July edition of the Banker Magazine of the Financial Times Group, the rankings were based on the global 2022 year-end Tier-1 capital banks.