Jaiz cuts ATM withdrawal limit over scarcity of new notes

JAIZ Bank has pegged the withdrawal limit per individual on its Automatic Teller Machines (ATM) to N40,000 per day, effective immediately.

The foremost non-interest bank made the disclosure in a mail notification to its customers across the country.

The bank noted that the move became necessary in a bid to comply with the Central Bank of Nigeria’s directive to load only newly redesigned naira notes into bank ATM terminals.

“The decision to reduce the cash withdrawal limit on ATM is in line with the distribution and availability of the redesigned naira notes nationwide,” the notice added.

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The Jaiz Bank notice is coming on the heels of the CBN accusing some commercial banks of frustrating its efforts in implementing the disbursement of the new naira notes by hoarding them in their vaults.

“We stopped dispensing old currencies since the new ones came out. There is no reason why the ATMs should not dispense money, and the money they collected is in their vaults,” CBN Director of Strategy, Emenike Chimele, was quoted as saying in Port Harcourt, yesterday.