CBN gives update on N100 ATM -The Central Financial institution of Nigeria has mentioned the N100 price subsists for banks’ prospects withdrawing lower than N20,000 money from different banks’ Automated Teller Machines.
This comes because the apex financial institution slammed Nigerian banks towards limiting ATM withdrawals beneath N20,000 per transaction.
That is in accordance with a Incessantly Requested Questions doc launched by CBN on its web site on Thursday.
The directive follows CBN’s revised ATM withdrawal expenses proposed to take impact from March 1, 2025.
The coverage has sparked reactions amongst Nigerians on account of some grey areas.
In an replace on Thursday, CBN defined that the explanation for making use of expenses for each N20,000 ATM withdrawal was designed to forestall prospects from being compelled to interrupt their transaction withdrawals to lower than N20,000 per withdrawal.
“Sure, the price of N100 will apply in case you withdraw lower than N20,000 from one other financial institution (a financial institution apart from the one which issued your fee card).
“The explanation for making use of the price for each N20,000 withdrawal is to forestall prospects from being compelled to interrupt their withdrawals to lower than N20,000 per withdrawal”, it said.