Home Ofofo Breaking Banks Reduces ATM Withdrawal Limits To 60K

Banks Reduces ATM Withdrawal Limits To 60K

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In the new arrangement, all ATMs that were enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs from N150,000 per day to N60,000 per day while foreign currency is $300 per day.

The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad.

Henceforth, a single ATM card serves for transactions for both domestic and abroad.

Also, the restructured cards now have spending limits on POS/eCommerce (online shopping) at $300 (about N60,000) per day. Before this, the limit was N2 million per day.

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