The Central Bank of Nigeria (CBN) has warned banks against limiting ATM withdrawals to less than N20,000 per transaction, stating that customers with sufficient funds must be allowed to withdraw up to this amount. In a directive, the CBN emphasized that any bank imposing lower limits in violation of this rule will face sanctions. The apex bank urged affected customers to report such restrictions and advised them to use their bank’s ATMs to avoid extra charges. It also encouraged alternative payment methods to minimize withdrawal fees.
CBN Urges Nigerians to Report Banks Limiting ATM Withdrawals Below N20,000
