By Kayode Sanni-Arewa

The Central Bank of Nigeria (CBN) has warned that it will deal with banks that force customers to withdraw less than N20,000 per transaction from Automated Teller Machines (ATMs) despite having sufficient funds and requesting a higher amount.

This was disclosed in a Q&A explainer released by the CBN bank following its recent review of ATM withdrawal fees.

The CBN emphasized 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.

It stated: “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.”

The CBN encouraged affected customers to file complaints against banks that impose unnecessary restrictions.

“Consumers denied the right to withdraw up to N20,000 per transaction are encouraged to file a complaint with the CBN using [email protected].”

The CBN further clarified that banks are not allowed to charge more than the prescribed ATM fees, though they can charge less depending on their cost structure and business model.

“The charges and surcharges are capped, meaning banks and other financial institutions cannot charge more than the fees stated in the circular. However, a bank can charge a lower amount depending on its cost structure and business development drive.”

The CBN advised customers to withdraw cash from their own bank’s ATMs to avoid extra charges. It also encouraged customers to explore alternative payment options such as mobile banking apps, POS terminals, and other digital payment channels to minimize ATM withdrawal fees.

By Kayode Sanni-Arewa

The Concerned Rivers People (CRP), a grassroot political pressure group, has hailed the Minister of the Federal Capital Territory, Nyesom Wike over the massive infrastructural projects he has undertaken in the nation’s capital in the last eighteen months.

The commendation came at the end of an extraordinary executive meeting of the group held in Port Harcourt, the Rivers State capital. During the marathon meeting, members of the Executive Committee of the CRP, observed with delight the giant strides of Wike and the impact he has made in addressing the infrastructure gaps in Abuja within a very short period of time.

In a communiqué issued at the end of their deliberations, the group resolved to pass a vote of confidence on Wike in order to spur him into more action.

According to the communiqué, members of the CRP said they were not surprised at the performance of Wike having been witnesses to his equally superlative performance during his tenure as the Governor of Rivers State.

” Our own dear leader and political icon has changed the narrative in the art of governance because he deploys all his energy and intellect into any governance role that he gets.

” What he is doing in Abuja is a clear testimony that he is Mr Project. He has changed the architectural landscape of Abuja, constructing multi billion naira roads and bridges to ease free flow of traffic in and around the city of Abuja.”

Public Relations Officer of the group, Alex Nwogu disclosed that at the last count, Wike has executed over 200 infrastructure projects since he assumed office in 2023.The CRP, he said, regards the FCT Minister as a worthy ambassador of the people of Rivers State.