e-Banking Industry Endorses CBN’s $50,000 Maximum Annual ATM Withdrawal

The Committee of e-Banking Industry Heads, CeBIH, on Wednesday, August 12, confirmed the Central Bank of Nigeria’s $50,000 annual limit on Automated Teller Machine, ATM, overseas.

In a statement, CeBIH Chair, Tunde Kuponiyi, said the limit on international spend does not apply to local transactions or cash withdrawals from ATM terminals across the country.

“This is to confirm that the newly introduced limit by the Central Bank of Nigeria is applicable only to holders of Naira denominated cards who use their cards for cash withdrawals abroad. For such customers, the CBN has imposed a limit of $300 per day and an annual limit of $50,000 on such customers.”

He said the limit for withdrawal of naira is set by the individual banks in line with such lender’s corporate operative procedure, pointing out that the limits are not applicable to Point of Sale (PoS) and online purchases. He urged bank customers to confirm what the limits are in their various banks.

The apex bank cut the naira debit cardholders’ spending overseas from $150,000 to $50,000 per annum.

It also announced plans to reduce naira debit cardholders’ spending abroad due to inadequate foreign exchange to pay for rising amount of cardholders’ overseas spending.