CBN: New ATM withdrawal policy to benefit banks, customers

The Central Bank of Nigeria (CBN) has reiterated that its new ATM withdrawal policy, set to take effect on March 1, will bring significant benefits to both banks and their customers.

According to the apex bank, the move aims to address cash shortages, improve service efficiency, and ensure cost recovery for financial institutions.

The policy stipulates that customers withdrawing cash from ATMs of banks other than their own will be charged N100 for every N20,000 transaction.

Speaking on Channels Television’s Sunrise programme, the CBN’s Acting Director of Financial Policy and Regulation Department, John Onojah, emphasized that the policy will enhance ATM service availability and alleviates cash shortages.

“We have secured commitments from banks to ensure that ATMs are consistently stocked with cash,” Onojah said. 

“With a set minimum of N20,000 per withdrawal, customers will experience fewer disruptions and enjoy a more seamless banking experience.”