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

By Abigail Philip David

The Central Bank of Nigeria (CBN) has cautioned banks against limiting customers to withdrawals below ₦20,000 per transaction at Automated Teller Machines (ATMs), warning that violators will face sanctions.

In a Question and Answer explainer released on Thursday, the apex bank reiterated that ATM withdrawal charges—both on-site and off-site—are based on the assumption that customers can withdraw up to ₦20,000 per transaction.

“Any bank that compels a customer with sufficient funds to withdraw less than ₦20,000 per transaction, against their preference for a higher amount, is in violation of this regulation and will be sanctioned,” the CBN stated.

It urged affected customers to report such restrictions by filing complaints via cpd@cbn.gov.ng.

The bank also clarified that financial institutions must adhere to the prescribed ATM charges but may charge lower fees based on their business model.

“The charges and surcharges are capped, meaning banks and other financial institutions cannot exceed the fees stated in the circular. However, they may charge less depending on their cost structure and business strategy,” it explained.

To avoid extra charges, the CBN advised customers to use their own bank’s ATMs when withdrawing cash. It also encouraged alternative payment methods such as mobile banking apps, POS terminals, and digital payment solutions to reduce ATM withdrawal costs.

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