$300 Daily Withdrawal Limit Not Applicable In Nigeria

The Committee of E-Banking Industry Heads (CEBIH) states that new withdrawal limit rules are only applied to overseas spending. 

According to new rules, ATM’s withdrawal limit is N60,000 per day, while foreign currency is about $300 per day. Before the measure adoption, domestic withdrawal limit was N150,000 per day.

A CBN’s statement says:  “The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes. Furthermore, holders of naira denominated debit and credit cards shall continue to have access to the use of their cards at ATMs in any part of the world but subject to the annual limit of $50,000. ATM withdraws shall continue to be a maximum of $300 per day.”

However, some confusion exists in the implementation of these rules.

The CEBIH chairman, Tunde Kuponiyi, stated: “This is to confirm that the newly introduced limits by the Central Bank of Nigeria is applicable only to holders of naira denominated cards who use their cards for cash withdrawals abroad. For such customers, the CBN has imposed a limit of $300 per day and an annual limit of $50,000. The directive was contained in a circular issued recently by the CBN.”

The CEBIH head added that this limit would not apply to the withdrawal of naira from ATM’s within the country, as the limit for withdrawal of naira is set by the individual banks in line with the bank’s corporate operative procedure.

“It is also to be noted that the limits are not applicable to points of sale and online purchases. Customers are hereby enjoined to confirm what the limits are in their various banks,” he said.