Senate suspends ATM maintenance charges and increasing withdrawal to40,000
Senate Orders CBN To Suspend ATM Maintenance Charges, Increase Withdrawal To N40,000 The Nigerian senate on Wednesday, October 17, directed the Central Bank of Nigeria (CBN) to inform all commercial banks in the country to increase the maximum amount customers can withdraw from automated teller machines (ATMs) to N40,000 per transaction. Presently, the maximum withdrawal is N20,000. The senate also asked the apex bank to suspend ATM card maintenance fees. The upper legislative chamber directed its committees on banking and finance to conduct an investigation into the propriety of ATM card maintenance charges and to also invite Godwin Emefiele, governor of CBN, to explain why the charges are allegedly skewed in favour of the banks. This was after a motion on “illicit and excessive charges by Nigerian banks in customers accounts” was raised by Senator Gbenga Ashafa during the plenary session on Wednesday. While moving the motion, Ashafa said the CBN is becoming “insensitive” to the
