"Banks have abandoned their uniform policy regarding cash withdrawals and transactions, following their failure to implement consistent guidelines across Automated Teller Machines (ATMs), Over-the-Counter (OTC) services, and other transaction channels.

Some banks are significantly increasing the daily limit for ATM transactions, while others are reducing it by a similar margin. This inconsistent practice has created difficulties for certain bank customers who require regular access to cash for daily expenses and business operations.

For instance, Zenith Bank Plc has raised the daily limit for ATM cash withdrawals to N200,000, regardless of whether customers hold accounts with other financial institutions. On the other hand, some banks' ATMs only allow withdrawals ranging from N20,000 to N40,000 per day.

Fidelity Bank Plc's branch in Ibeju-Lekki Lagos has set their ATMs to a withdrawal limit of N5,000 per transaction, with customers permitted to withdraw a maximum of N40,000 per day.

According to reports, commercial banks in Akowonjo, Lagos have been restricting daily cash withdrawals at ATMs to amounts between N20,000 and N40,000. Many of these banks are also failing to comply with the Central Bank of Nigeria's (CBN) directive to facilitate N500,000 daily cash withdrawals for OTC transactions.

The rising costs associated with accessing cash from the CBN have been cited as a common challenge faced by banks. Moving cash from the CBN to their branches incurs expenses of around N500,000, discouraging many banks from bearing these costs. As a result, some banks resort to informal arrangements with business owners who receive large cash payments, offering them lower rates to bring in cash instead of following official cash requisition procedures.

Although the CBN has imposed cash withdrawal limits, including a maximum of N500,000 per week for individuals and N5 million per week for corporate entities, these restrictions have not been consistently implemented by banks in Abuja and Rivers State."