Banks restrict multiple account owners to N20,000 withdrawal

Nigerians are grappling with severe cash scarcity as commercial banks enforce tighter withdrawal limits, leaving customers frustrated and businesses disrupted. Despite the Central Bank of Nigeria’s (CBN) assurance of over ₦4.3 trillion in circulation, withdrawal limits at Automated Teller Machines (ATMs) have dropped drastically, with some banks allowing as little as ₦5,000 per transaction. Even account holders with multiple cards face a daily cap of ₦20,000, regardless of their financial needs.

This crisis persists despite recent reassurances from CBN Governor Olayemi Cardoso, who pledged “robust cash availability” during the festive season. On the ground, however, the reality is grim. Customers complain of unmet cash needs, while Point-of-Sale (POS) operators, a lifeline for many, report difficulties accessing funds to sustain their businesses. One POS agent described the situation as crippling, saying, “Banks dispense only ₦5,000, which is not enough to operate.”

Reports suggest that banks are rationing cash due to limited supply, prioritizing minimal disbursements to keep branches operational. Withdrawal caps differ across banks, with GTBank limiting withdrawals to ₦20,000 and FCMB allowing up to ₦40,000 for their account holders. Meanwhile, customers of other banks face even stricter caps.

As the holiday season approaches, many Nigerians remain uncertain about when relief will come. The growing disconnect between CBN policies and the realities at bank branches has left citizens and businesses alike questioning whether the promised solutions will arrive in time.