The Central Bank of Nigeria (CBN) has issued a strong warning to banks that restrict customers from withdrawing up to N20,000 per transaction at Automated Teller Machines (ATMs), despite having sufficient funds and requesting a higher amount.
The apex bank made this disclosure in a Q&A explainer on its website following its recent review of ATM withdrawal fees, warning that such restrictions violate its regulations and will attract sanctions.
According to the CBN, ATM charges for withdrawals made from other banks’ ATMs—whether on-site or off-site—are structured on the premise that customers should be able to withdraw up to N20,000 per transaction.
“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,” the CBN stated.
To address potential violations, the regulator has urged affected customers to report banks that impose such restrictions.
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