The Central Bank of Nigeria (CBN) has assured that its new policy on cash withdrawals from Automated Teller Machines (ATMs) will benefit both banks and their customers.
Under the directive, customers withdrawing cash from banks’ ATMs other than their own will be charged N100 for every N20,000. The policy will take effect on March 1, 2025.
John Onojah, acting director of the CBN’s financial policy and regulation department, discussed the policy’s impact during an interview on Saturday at Channels Television’s Sunrise program. He stated that the implementation would help address the frequent complaints about cash shortages at ATMs.
“We have secured bank commitments to ensure that ATMs are always stocked with cash. Customers should no longer face situations where they visit an ATM and find no money available,” Onojah said.
He further explained that the policy guarantees a minimum withdrawal limit of N20,000 per transaction, ensuring customers can access cash when needed.
“In remote locations, ATMs will be available outside bank premises to improve accessibility. Deploying these machines is expensive and requires significant investment from banks, so this policy helps them recover costs while ensuring customers have uninterrupted access to cash,” he added.
The CBN emphasized that the new regulation balances the interests of financial institutions and the public, ensuring seamless cash availability while supporting banks in maintaining ATM infrastructure.
