The Central Bank of Nigeria (CBN) has warned that it will sanction any bank that prevents customers with sufficient funds from withdrawing up to N20,000 per transaction.
The directive, which takes effect from March 1, 2025, was outlined in the CBN circular dated February 10, 2025, and forms part of the revised ATM transaction fees introduced to enhance efficiency and encourage the deployment of more ATMs across the country.
This is according to the FAQ document on the new direction published by the apex bank on Thursday.
The document read, “The fees are based on banks allowing customers to withdraw up to N20,000 per transaction. Any bank that compels a customer with sufficient funds in her account to withdraw less than N20,000 per transaction against the customer’s desire for a higher sums, would be contravening this regulation’s spirit and sanctioned appropriately.”