CBN Warns Banks Against Restricting ATM Withdrawals Below N20,000, Enforces New Withdrawal Charges Effective March 1
The Central Bank of Nigeria (CBN) has warned banks against restricting Automated Teller Machine (ATM) withdrawals to less than N20,000 per transaction, threatening sanctions for non-compliance.
This comes amid concerns over the newly revised ATM withdrawal fees, which take effect from March 1. Under the new policy, customers withdrawing from another bank’s on-site ATM will incur a N100 charge per N20,000 transaction, while off-site ATMs will attract an additional surcharge of up to N500.
The apex bank clarified that banks must allow customers to withdraw up to N20,000 per transaction and cannot impose lower limits. Customers facing restrictions are encouraged to report violations to the CBN via cpd@cbn.gov.ng.
To avoid extra charges, the CBN advised customers to use their own bank’s ATMs or explore alternative payment methods like mobile banking and POS transactions.
Follow News Review on Facebook and X
 has warned banks against restricting Automated Teller Machine (ATM) withdrawals to less than N20,000 per transaction, threatening sanctions for non-compliance.){kind=link}