Commercial banks have increased their daily maximum withdrawal limit to N50,000 from the N5,000 it was last month. However, this limit only refers to over-the-counter withdrawal, as the maximum allowed on ATMs is N20,000.
Due to cash scarcity, POS operators started increasing their charges, and now with the increased withdrawal limit, they are not going to reduce their charges. They have rather insisted that the situation remain stable before they act.
This new withdrawal limit is an indication that there seems to be much cash in circulation and with the banks too. But the POS operators are adamant about swimming with the tide.
Initially, POS operators charge N100 for every transaction below N5,000 but with the withdrawal limits placed, they now charge up to N250 for every N5,000 transaction.
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