CeBIH CLARIFIES IMPOSITION OF LIMITS ON ATM WITHDRAWALS

CeBIH CLARIFIES IMPOSITION OF LIMITS ON ATM WITHDRAWALS

The attention of the Committee of e-Banking Industry Heads (CeBIH) has been drawn to the confusion created in the public domain as regards the imposition of limits on cash withdrawals from ATM terminal across the country.

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 on such customers (for both ATM and POS transaction). The directive was contained in a circular issued recently by the CBN.

It should be noted that this limit does not apply to the withdrawal of Naira from ATMs within the country. The limit for withdrawal of Naira is set by the individual banks in line with the bank’s corporate operative policy.

It is also to be noted that the limits are not applicable to PoS and online purchases. Customers are hereby enjoined to confirm what the limits are from their various banks.

Thank you.

Tunde Kuponiyi

Chairman, CeBIH