Senate on Wednesday asked the Central Bank of Nigeria (CBN) to compel commercial banks to increase the maximum amount customers can withdraw from Automated Teller Machines (ATMs) to N40,000 per transaction.
As at present, the maximum withdrawal on ATM machine is N20,000.
Senate decision followed a motion sponsored by Senator Gbenga Ashafa.
Ashafa while leading the motion lamented that the CBN is becoming insensitive to the plight of Nigerians.
He lamented that most banks have deliberately manipulated their ATM machines not to dispense more than N10,000 per withdrawal in some cases and in most cases not more than N20,000 per withdrawal adding that this is deliberate ploy to milk the people.
Speaking in support of the motion, Adeola Olamilekan, said the banks should stop cheating Nigerians of their hard-earned money adding that he has stopped using ATM for transactions.
Also, the Deputy Senate President, Ike Ekwerrmadu said the numerous charges by banks in the country is no longer acceptable.
After exhaustive debate on the motion, Senate directed the committee on Banking to invite the Governor of Central Bank of Nigeria to appear before the committee in order to explain why the official charges as approved by the CBN are skewed in favour of banking institutions against ordinary customers to the banks.
In his remarks, the Senate President, Bukola Saraki said, ” this is a motion that touches on the lives of every Nigerian irrespective of what party you belong to or political affiliation you might have and that is why we are here, to always defend and protect the interest of our people.
“We need to look at ways to ensure that our resolutions go beyond just the debates — so that whatever action we take will come into effects.”
