CBN Warns Banks Against Imposing ATM Withdrawal Limits Below ₦20,000
The CBN stated,“Any bank that compels a customer with sufficient funds in their account to withdraw less than ₦20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately.” The CBN encouraged customers to file complaints if they encounter unnecessary withdrawal limits imposed by banks. In a Q&A explainer released following the apex bank’s recent review of ATM withdrawal fees, the CBN emphasized that customers have the right to withdraw up to ₦20,000 per transaction on ATMs operated by banks other than their own.
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