Banks move to limit over-the-counter withdrawals to N10,000

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 over the counter withdrawals to N10, 000. 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.

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The banking sector have been carrying out serious restructuring with many staff losing jobs in recent times.