Banks across the country have been directed to ensure they have enough cash for customers’ 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 ‘Question and Answer’ explainer released in its recent review of ATM withdrawal fees.
The apex bank also warned the banks against pegging ATM withdrawals below N20,000 per transaction, especially when the customer have enough funds and asking for higher amounts.
CBN said, “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.
Customers have also been advised to file complaints against any bank that flouts the CBN’s directive on ATM withdrawals.
“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.”
“The charges and surcharges are capped, meaning banks and other financial institutions cannot charge more than the fees stated in the circular. However, a bank can charge a lower amount depending on its cost structure and business development drive,” it said.
The apex bank also advised card users to withdraw funds from their own bank’s ATM’s to avoid incurring additional fees and seek other methods of payments like mobile bank apps, digital payments, POS terminals among others.