CBN orders banks to reduce ATM withdrawals from N150,000 to N60,000 per day

Following plan to stabilize the Nigerian currency, banks have trim down the daily withdrawal limit on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).

According to the new arrangement by the banks, all ATMs that were hitherto 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. Hitherto, the domestic withdrawal limit was N150,000 per day.

Also, spending limits on POS/eCommerce (online shopping) have been pegged at $300 (about N60,000) per day. Before this, the limit was N2 million per day.

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

CBN’s statement says: “The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes. Furthermore, holders of naira denominated debit and credit cards shall continue to have access to the use of their cards at ATMs in any part of the world but subject to the annual limit of $50,000. ATM withdraws shall continue to be a maximum of $300 per day.”