The Central Bank of Nigeria 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 on Thursday 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.
“Any bank that compels a customer with sufficient funds in their account to withdraw less than N20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately,” it stated.