Banks Cut Cash Withdrawal Limits, Customers & POS Operators Decry Move

Banks across Nigeria have begun enforcing reduced daily cash withdrawal limits, with some states seeing allowances as low as N5,000 per day.

The moves follow the ongoing cash scarcity crisis that has gripped banks nationwide.

In places like Abeokuta, Lagos, and Delta State, customers and POS operators say they are only able to withdraw N40,000 or less from ATMs daily. POS operators also face caps, with some banks restricting them to N50,000 daily.

The new limits have dealt blows to businesses, merchants, traders, and everyday Nigerians who rely on cash transactions. Many report being unable to adequately stock shops or pay vendors due to the heavy restrictions.

While states like Kano have yet to see major impacts, places like Borno have witnessed banks even removing money from ATMs to service wealthy customers able to pay fees. Maiduguri residents allege preferential treatment for high-value clients.

Frustrations are mounting across the country over the limits as Nigerians struggle to access their money. Bank customers are pleading for urgent government and central bank intervention to ease the growing crisis.

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