-
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.
READ ALSO: JAMB Suspends Two CBT Centres Over Breach of Registration Procedures
“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.
CBN Approves CFA Franc Listing on Nigeria Export Proceeds Forms
The Nigeria Export Promotion Council (NEPC) has confirmed that the Central Bank of Nigeria (CBN) has approved the inclusion of the CFA Franc on Nigeria Export Proceeds (NXP) forms.
Mrs. Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024.
Leave a comment