The Central Bank of Nigeria (CBN) has instructed banks across the country to ensure that their Automated Teller Machines (ATMs) are stocked with enough cash to meet customer withdrawal demands.
This directive was issued on Thursday, February 13, 2025, in a ‘Question and Answer’ explainer released as part of the CBN’s latest review of ATM withdrawal fees.
The apex bank also warned financial institutions against restricting customers from withdrawing less than N20,000 per transaction, especially when they have sufficient funds and request a higher amount.
“Any bank that compels a customer with sufficient funds to withdraw less than N20,000 per transaction, against their request for a higher sum, will be violating this regulation and will face appropriate sanctions,” the CBN stated.
Customers Urged to Report Violations
The CBN encouraged customers to report banks that fail to comply with the directive.
“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 statement read.
Additionally, the CBN clarified that all ATM charges and surcharges are capped, meaning banks and financial institutions cannot exceed the stated fees in the official circular. However, institutions may choose to charge lower amounts based on their cost structure and business strategy.
Advice to Card Users
To minimize additional charges, the CBN advised customers to withdraw money from their own bank’s ATMs whenever possible. It also encouraged the use of alternative payment methods such as mobile banking apps, digital payments, and POS terminals.
