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Due to ongoing cash shortages in Nigeria, banks have imposed a daily withdrawal limit of N20,000 for multiple account holders. Some ATMs are capping withdrawals as low as N5,000, with POS operators also facing difficulties due to low cash supply, causing widespread hardship for customers and businesses.

Banks in Nigeria are facing a continued cash shortage, leading to restrictions on ATM withdrawals. Multiple account holders now have a daily limit of N20,000 per ATM card. This follows the Central Bank of Nigeria's warning to banks about inadequate cash supply.

Reports from customers show that some ATMs are even capping withdrawals to as low as N5,000. Bank officials confirm that the low cash supply is forcing them to ration withdrawals, particularly affecting Point-of-Sale (POS) operators who struggle with daily limits. Some banks are limiting non-account holders to as little as N5,000, while others, like FCMB, are offering slightly higher limits.

This scarcity is exacerbated by the fact that many POS operators have to source cash from alternative markets and fuel stations, not directly from banks.