Nigerian Banks will Increase the Individual Cash Withdrawal Cap to N100,000

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According to some bank executives, commercial banks are planning to increase their cash withdrawal limits from the present N20,000–N50,000 range to around N80,000–N100,000.

According to information obtained, the action would assist bank branches in several locations around the nation in dealing with long lines.

As part of a concerted effort to facilitate the circulation of both old and new banknotes, the Central Bank of Nigeria had on Friday instructed commercial banks to operate for business on Saturday and Sunday.

Officials said that banks planned to increase the limitations in order to improve money circulation and permanently terminate lines at ATM galleries and banking halls. Customers gathered on banks in large numbers, as evidenced by visits to many bank offices in Lagos, Abuja, Ogun State, and other places.

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