Deposit Money Banks in the Federal Capital Territory (FCT) have raised their maximum over-the-counter withdrawal limit to ₦50,000 per day, up from the previous ₦5,000 limit set last month. This change, confirmed by findings from The PUNCH, affects banks such as Guaranty Trust Bank (GTBank) and Zenith Bank.

At GTBank’s branch along the airport road, customers can now withdraw up to ₦50,000 in person, while ATM withdrawals remain capped at ₦20,000. A bank official attributed the increased limit to improved cash availability.

Point of Sales (POS) operators, however, have stated that the new withdrawal limit will not immediately impact their service charges. Operators currently charge ₦800 for withdrawals of ₦20,000 and ₦2,000 for ₦50,000 transactions. One operator noted that only a stable cash supply, not a one-off change by banks, would justify lowering their fees.

This development could signal a step toward easing cash scarcity in the region.