Banks in Lagos have restored limits on ATM withdrawals, following reported cases of cash scarcity in the country. The Central Bank of Nigeria (CBN) had previously implemented a cap on ATM withdrawals to encourage cashless transactions, but increased the limits after public outcry.
This followed reported cases of cash scarcity in some parts of the country in the second half of last year. On November 2, 2023, the Central Bank of Nigeria (CBN) said the scarcity experienced in some locations was due to a high volume of cash withdrawals. The CBN also said there was sufficient stock of currency notes for economic activities in Nigeria and assured its branches across the country were working to ensure seamless cash circulation in their respective states of operation.
A year before, the CBN had attempted to limit cash circulation by implementing a cap on ATM withdrawals, to encourage cashless transactions. However, on December 6, 2022, the cap was increased from N20,000 daily and N100,000 per week to N500,000 and N5,000,000 per week for individual and corporate organizations, respectively — after a public outburst. However, recent findings across various locations in Lagos showed that banks have restored limits on ATM withdrawals
Banks ATM Withdrawals Cash Scarcity Central Bank Of Nigeria Cashless Transactions
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