The Central Bank of Nigeria (CBN) has issued a warning to banks against imposing ATM withdrawal limits below N20,000.
According to the CBN, customers with sufficient funds should be able to withdraw up to N20,000 per transaction from Automated Teller Machines (ATMs).
The CBN emphasised that any bank that compels a customer to withdraw less than N20,000 per transaction, despite having sufficient funds, will be contravening the regulation and will be sanctioned.
The apex bank encouraged customers who have been denied the right to withdraw up to N20,000 per transaction to file a complaint with the CBN.
The CBN also advised customers to withdraw cash from their own bank’s ATMs to avoid extra charges and explore alternative payment options to minimize ATM withdrawal fees.
“Any bank that compels a customer with sufficient funds in their account to withdraw less than N20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately.
“Consumers denied the right to withdraw up to N20,000 per transaction are encouraged to file a complaint with the CBN using cpd@cbn.gov.ng,” CBN disclosed in a Q&A explainer released following its recent review of ATM withdrawal fees.
This move is aimed at protecting the rights of customers and ensuring that banks comply with the regulations set by the CBN.
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