CBN Warns Banks Against Limiting ATM Withdrawals Below ₦20,000

• CBN has warned banks against limiting ATM withdrawals to amounts below ₦20,000 per transaction.

• The CBN stated that any bank that compels a customer to withdraw less than ₦20,000 per transaction will be sanctioned.

• The apex bank also directed affected customers to file complaints against banks that impose unnecessary restrictions.

The Central Bank of Nigeria (CBN) has threatened to penalize banks that compel customers to withdraw amounts lower than ₦20,000 per transaction from Automated Teller Machines (ATMs).

This was disclosed in a ‘Question and Answer’ explainer released by the apex bank on Thursday.

According to the CBN, ATM charges for withdrawals made from other banks’ ATMs, both on-site and off-site, are based on the expectation that customers can withdraw up to ₦20,000 per transaction.

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“Any bank that compels a customer with sufficient funds in their account to withdraw less than ₦20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately,” the CBN stated.

The apex bank also directed affected customers to file complaints against banks that impose unnecessary restrictions.

“Consumers denied the right to withdraw up to ₦20,000 per transaction are encouraged to file a complaint with the CBN using cpd@cbn.gov.ng,” the statement added.

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