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Nigerian banks have announced an upward adjustment to the daily cash withdrawal limit, raising it to N50,000. This development comes as part of ongoing efforts to address public concerns about accessibility to physical cash and the efficiency of financial transactions across the country. The decision reflects a shift towards accommodating the financial needs of individuals and businesses while maintaining the goals of Nigeria's cashless policy initiative.
This increase is expected to provide significant relief to Nigerians, particularly those in rural areas and sectors heavily reliant on cash transactions. By allowing higher daily withdrawals, the banking sector aims to strike a balance between promoting digital payments and ensuring that cash remains readily available for day-to-day activities. For many, this adjustment is a welcome move, offering greater flexibility in managing expenses and reducing the inconvenience previously associated with lower withdrawal limits.
The policy change is also being viewed as a response to feedback from various stakeholders, including traders, small business owners, and citizens who have called for more practical solutions to the challenges posed by restricted cash access. While the Central Bank of Nigeria remains committed to its vision of a digital-first economy, this measure underscores the importance of addressing immediate public needs while pursuing long-term economic goals.
As customers adapt to the new withdrawal limit, banks are encouraging increased use of alternative payment channels such as mobile banking, internet banking, and point-of-sale terminals. This approach seeks to complement the adjusted cash policy, fostering a more inclusive financial ecosystem that supports both traditional and digital methods of transaction. The N50,000 withdrawal limit marks a significant step in ensuring financial inclusion and improving the banking experience for Nigerians.