Banks reduce withdrawal limits on ATMs

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The battle for defence of the Naira value has widened, affecting existing withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).

In the new arrangement, 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. 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. Previously, a single ATM card serves for transactions for both domestic and abroad.

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

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