GTB, Zenith, Others Announce New Withdrawal Limits as Cash Scarcity Heightens [Video]

• The maximum amount of N20,000 that multiple account holders can withdraw from ATMs may have been set by commercial banks
• The cash shortage has gotten worse recently, even though the CBN warned that commercial banks would face sanctions
• Point-of-sale agents pleaded with bank representatives to facilitate business dealings for POS operators

Legit.ng journalist Zainab Iwayemi has 5 years of experience covering the Economy, Technology, and Capital Market.

It appears there is no end in sight to the low cash supply by commercial banks as customers encounter growing challenges when trying to withdraw cash.

There are indications that commercial banks have also restricted the amount of money that numerous account holders can withdraw from Automated Teller Machines (ATMs) to N20,000.

Despite a warning by the Central Bank of Nigeria (CBN) to impose sanctions …