The Central Bank of Nigeria CBN has threatened to penalise banks that compel customers to withdraw amounts lower than N20,000 per transaction from Automated Teller Machines.
The apex bank disclosed this in a ‘Question and Answer’ explainer released today in reaction to its recent review of ATM withdrawal fees.
It stressed that ATM charges for withdrawals made from other banks’ ATMs both on-site and off-site are based on the expectation that customers can withdraw up to N20,000 per transaction.
The CBN has directed affected customers to file such complaints against banks that impose unnecessary restrictions.
