CBN accuse banks on ATM cash withdrawal limits

LAGOS — The Central Bank of Nigeria, CBN, yesterday couldn't help contradicting the rebuilding a few banks have effected in their debit card, also called Automatic Teller Machine (ATM) administrations and additionally a few measures they presented on remote money and e-installment exchanges this week. 

A few banks had early this week forced N60,000 every day limit on ATM withdrawals while

additionally constraining outside money withdrawal every day to $300.

Likewise a portion of the banks have demonstrated that they can permit $10,000 withdrawal in a solitary exchange that would cover for one month most extreme point of confinement while others have forced $300 every day limit on POS/web spending. 

CBN Director of Corporate Communications, Ibrahim Muazu, told Vanguard, yesterday, that the zenith bank strategy was just on ATM money withdrawal breaking point of $300 every day and POS/online buys abroad which has a cutoff of $50,000 per annum. 

He expressed that the zenith bank's strategy does not influence or stipulate any breaking point for local (Naira). He likewise included that the $10,000 single exchange breaking point regardless of the fact that it stays inside of the $50,000 yearly utmost stipulated by CBN is infringing upon the guideline. 

Muazu additionally clarified that the essential push of the strategy on withdrawal breaking points in remote exchanges was to control misuse of the trade framework while keeping individuals from exchanging with their ATMs abroad which, as indicated by him, eats into the nation's outside store. 

In the wake of the summit bank's measures against theoretical requests for outside trade, banks have taken after with arrangement of activities restricting volume of exchanges suitable on electronic installment cards. 

In the new course of action, all ATMs that were up to this point empowered for local and remote exchanges were rebuilt to utmost Naira money withdrawal at ATM machines to N60,000 every day while outside coin is $300 every day. Beforehand, the household withdrawal breaking point was N150,000.00 every day. 

- See more at: http://www.vanguardngr.com