From the next couple of days, you can only make over the counter withdrawals to N10, 000 from your bank accounts in Nigeria.
The Bankers Committee which is the umbrella body of all the chief executives of all the Deposit Money Banks in Nigeria, are proposing to limit said that they are working towards that.
According to the body, the objectives of this policy if passed by the Central Bank of Nigeria CBN will include greater use of electronic banking and smaller workforce.
The banking sector have been carrying out serious restructuring with many staff losing jobs in recent times.
This is to encourage the cashless society that the CBN is promoting. I think this is a good move by Nigeria bank to reduce over crowding of the banking all.
With this king of limit on withdrawal over the counter, the bank should look for a good way of rewarding their loyal customers.
This can be in the form of "earn as you spend" program on your ATM card or something like "cash back" for using the bank Debit Card.
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