Zenith Bank, one of Nigeria’s prominent financial institutions, has made a startling announcement by reducing its daily cash withdrawal limit at Automated Teller Machines (ATMs) nationwide to N200,000.
This significant adjustment has caught customers off guard, as the previous limit set by the Central Bank of Nigeria (CBN) allowed for a maximum weekly cash withdrawal of N100,000 with a cap of N20,000 per day.
In a notice titled ‘Important Public Notice,’ Zenith Bank informed its customers that they can now withdraw up to N200,000 per day at the bank’s ATMs, even if they hold accounts with other financial institutions.
However, the bank clarified that the existing cashless policy withdrawal limit of N500,000 per week for individuals remains in effect.
The sudden reduction in the daily cash withdrawal limit at Zenith Bank’s ATMs raises concerns among customers who rely on higher withdrawal amounts for their financial needs. The move highlights the evolving dynamics of cash usage and signals the bank’s efforts to align with regulatory guidelines and promote a cashless economy.
As customers adjust to the new limit, it remains to be seen how this revision will impact their banking habits and whether other financial institutions will follow suit by implementing similar measures.