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CBN limits ATM withdrawals to N60,000, $300 per day

folarin okunola

August 11, 2015 5:36 PM

Before this, the domestic withdrawal limit was pegged at N150,000 per day.

CBN Governor, Godwin Emefiele

According to a statement released by the Central bank of Nigeria withdrawal limits on Automated Teller Machine have been downgraded.

In the new setup, all ATMs that were 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. Before this, the domestic withdrawal limit was pegged at N150,000 per day.

The new arrangement has separated traditional ATM from MasterCard credit card with the former now deactivated and can no longer be used for transactions abroad.

Before now, a single ATM card could be used for transactions both domestic and abroad.

In the new arrangement, a bank customer with multiple debit cards (ATM cards) will only be able to use the one linked to the primary transactional account abroad.

Previously, such customers could transact with any of their ATM cards that was funded.

folarin okunola

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