Banks in Nigeria's Federal Capital Territory have raised their daily over-the-counter withdrawal limit to N50,000, according to recent findings.

This marks a significant increase from the N5,000 limit imposed last month.

A survey conducted on Tuesday revealed that major banks, including Guaranty Trust Bank (GTBank) and Zenith Bank, have implemented this new limit. At GTBank's airport road branch, customers could withdraw up to N50,000 over the counter, while ATM withdrawals were capped at N20,000.

A bank official, speaking on condition of anonymity, attributed the increase to improved cash availability. "We now have more cash and that is why we are giving out more money," the official stated.

Despite this development, Point of Sale (POS) operators maintain that the increased withdrawal limit will not immediately impact their service charges. Currently, POS operators charge N800 for a N20,000 withdrawal and N2,000 for N50,000.

Faith, a POS operator, emphasized that a consistent cash supply, rather than a temporary increase in bank limits, would be necessary to reduce service charges. "Let it be stable first, then it would reduce," Faith explained.