The Central Bank of Nigeria (CBN) has cautioned commercial banks against setting ATM withdrawal limits below N20,000 per transaction, emphasizing that such practices violate its regulatory guidelines.
In a recent directive, the apex bank stated that customers with sufficient funds in their accounts should be able to withdraw up to N20,000 per transaction from Automated Teller Machines (ATMs). Any bank imposing lower limits arbitrarily will face sanctions.
“Any bank that compels a customer with sufficient funds 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,” the CBN stated.
The bank urged customers experiencing such restrictions to lodge complaints via cpd@cbn.gov.ng to ensure corrective action is taken.
As part of efforts to minimize ATM withdrawal charges, the CBN advised customers to prioritize using ATMs belonging to their respective banks. It also encouraged exploring alternative payment methods to reduce dependence on cash withdrawals.
