Nigerian banks have imposed new withdrawal limits on automated teller machines (ATMs) that fall below the limits set by the Central Bank of Nigeria (CBN).

This move follows reports of cash scarcity in various parts of the country in late 2023. Initially, the CBN attributed the shortage to high withdrawals from bank branches and ATMs.

Despite assurances from the CBN that sufficient currency notes were available, the scarcity persisted. The apex bank subsequently blamed the situation on hoarding by individuals.

To curb cash circulation, the CBN had previously implemented ATM withdrawal limits in December 2022. However, these limits were revised to higher amounts in December 2022 after public outcry.

Current findings indicate that banks have once again imposed limits on ATM withdrawals. These limits vary from bank to bank, and they also restrict the amount of cash that can be withdrawn from other banks.

It is important to note that these bank-imposed limits are lower than the guidelines issued by the CBN. CONTINUE READING