Naira Scarcity: Banks Reduce Cash Withdrawal Limit To N10,000

Banks operating in Nasarawa State have reduced their daily over-the-counter cash withdrawal limit to N10, 000.

This is because the banks maintained the existing N20,000 daily withdrawal limit from Automated Teller Machine, ATM, making it difficult for customers to access funds.

According to Vanguard report, most of the banks’ branches in Mararaba, Karu Local Government Council of the state visited pegged their withdrawal limits at the above-mentioned amounts.

Bank customers were seen grumbling inside the bank halls following their frustrations occasioned by the withdrawal limit policy of the banks.

Some bank staff who posed as a potential customer in need of cash attributed the customers’ ordeal to inadequate cash in the banks’ vaults.

“We don’t have cash, you are passing through this because even the banks don’t have cash themselves. We are just giving out what we have in the banks, “he said.

The situation was the same across most bank branches in the area.

The development has raised the Point of Sale, POS charges as operators charge between N200 and N250 for N5,000 withdrawal and N400 for withdrawal of N10, 000.

Similarly, to withdraw N20, 000 from POS, the operators charge N800 and N1,600 for 40,000 respectively.