CBN faults banks on ATM cash withdrawal limits

The Central Bank of Nigeria, CBN, yesterday disagreed
with the restructuring some banks have effected in their debit
card, otherwise known as Automatic Teller Machine (ATM)
services as well as some measures they introduced on foreign
cash and e-payment transactions this week.
CBN Governor, Mr Godwin Emefiele
Some banks had early this week imposed N60,000 per day limit
on ATM withdrawals while also limiting foreign currency
withdrawal per day to $300.
Also some of the banks have indicated that they can allow $
10,000 withdrawal in a single transaction that would cover for one
month maximum limit while others have imposed $300 daily limit
on POS/online spending.
CBN Director of Corporate Communications, Ibrahim Muazu, told
Vanguard, yesterday, that the apex bank policy was just on ATM
cash withdrawal limit of $300 per day and POS/online purchases
abroad which has a limit of $50,000 per annum.
He stated that the apex bank’s policy does not affect or stipulate
any limit for domestic (Naira). He also added that the $10,000
single transaction limit even if it stays within the $50,000 annual
limit stipulated by CBN is in violation of the rule.
Muazu also explained that the basic thrust of the policy on
withdrawal limits in foreign transactions was to curb abuse of the
exchange system while preventing people from trading with their
ATMs abroad which, according to him, eats into the country’s
foreign reserve.
In the wake of the apex bank’s measures against speculative
demands for foreign exchange, banks have followed with series of
actions limiting volume of transactions allowable on electronic
payment cards.
In the new arrangement, all ATMs that were hitherto enabled for
domestic and foreign transactions were restructured to limit Naira
cash withdrawal at ATM machines to N60,000 per day while
foreign currency is $300 per day. Previously, the domestic
withdrawal limit was N150,000.00 per day.

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