CBN implements new ATM withdrawal rules

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by Giorgi Kostiuk

2 years ago

The Central Bank of Nigeria (CBN) introduces new regulations for commercial banks concerning ATM withdrawals and warns of potential sanctions.

CBN Warnings and Sanctions

CBN threatens to sanction commercial banks that force customers to withdraw less than N20,000 per transaction despite having higher funds. Affected customers are encouraged to file complaints.

New ATM Withdrawal Fees

CBN has revised ATM withdrawal fees due to rising operational costs. New rules include the elimination of three free withdrawals per month. Withdrawals from own-bank ATMs incur no fees, while withdrawals from other banks’ ATMs incur a fee of N100 per N20,000.

New Whistleblowing Website

CBN has also introduced a whistleblowing website for safely reporting professional and ethical misconducts.

The changes introduced by CBN aim to improve the transparency and efficiency of ATM operations and enhance trust in Nigeria's banking system.

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