The Committee of e-Banking Industry Heads (CeBIH) has clarified that the newly introduced limits by the Central Bank of Nigeria (CBN) is applicable only to holders of naira denominated cards who use their cards for cash withdrawals abroad.
This is following the confusion created in the public domain as regards the imposition of limits on cash withdrawals from ATM terminal across the country.
The CBN had in a circular issued recently imposed a limit of $300 per day and an annual limit of $50,000 on such customers.
Tunde Kuponiyi, chairman, CeBIH, said in statement “this limit does not apply to the withdrawal of naira from ATMs within the country. The limit for withdrawal of naira is set by the individual banks in line with the bank’s corporate operative procedure.
“It is also to be noted that the limits are not applicable to PoS and online purchases. Customers are hereby enjoined to confirm what the limits are in their various banks.”
