Commercial banks to boost cash withdraw limits

Multiple bank officials say Commercial Banks will boost their cash withdrawal limits from N20,000-N50,000 to over N80,000-N100,000.
The move was expected to reduce bank branch wait times in some towns.
On Friday, the Central Bank of Nigeria ordered private banks to open on Saturday and Sunday to ease the circulation of old and new banknotes.
The CBN released billions of old naira bills to DMBs. After months of debate over the naira redesign policy, the central bank obeyed the Supreme Court on the legal status of old naira notes on Thursday.
Most Commercial banks pay N20,000–N50,000 at ATMs and over-the-counter.
However, officials told our reporters that banks were planning to raise the limits to increase currency circulation and permanently end queues in banking halls and ATM galleries.
Despite working all weekend, customers flocked to banks and ATMs on Monday to get cash.
Customers flocked to banks in Lagos, Abuja, Ogun State, and other towns to withdraw cash.
Bank clients in Abuja had easier cash access.
Bank and ATM queues were shorter at several sites.
Zenith, Keystone, Eco, and Access Banks are in Area One and Central Area.
Garki’s Access Bank ATM issued N20,000 max.
At Ecobank in the same area, its busy cashier paid N50,000 to customers and allowed non-account holders to take N10,000 at its ATM stand.
Zenith Bank enabled N500,000 over-the-counter withdrawals.
Keystone Bank alleged low allocation from the apex bank prevented cash disbursement.