Banks throughout the nation have been directed to make sure they’ve sufficient money for purchasers’ withdrawals from their Automated Teller Machines (ATMs).
The directive was issued to the banks by the Central {Bank} of Nigeria on Thursday, February 13, 2025, in a ‘Query and Reply’ explainer launched in its current overview of ATM withdrawal charges.
The apex {bank} additionally warned the banks towards pegging ATM withdrawals under N20,000 per transaction, particularly when the client have sufficient funds and asking for greater quantities.
CBN mentioned, “Any {bank} that compels a buyer with adequate funds of their account to withdraw lower than N20,000 per transaction, towards their want for a better sum, could be contravening this regulation and will probably be sanctioned appropriately.
Prospects have additionally been suggested to file complaints towards any {bank} that flouts the CBN’s directive on ATM withdrawals.
“Customers denied the precise to withdraw as much as N20,000 per transaction are inspired to file a grievance with the CBN utilizing [email protected].”
“The fees and surcharges are capped, which means banks and different {financial} establishments can’t cost greater than the charges said within the round. Nonetheless, a {bank} can cost a decrease quantity relying on its price construction and enterprise improvement drive,” it mentioned.
The apex {bank} additionally suggested card customers to withdraw funds from their very own {bank}’s ATM’s to keep away from incurring extra charges and search different strategies of funds like cell {bank} apps, digital funds, POS terminals amongst others.