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CBN Issues New Guidelines on Failed ATM Operations

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By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) has issued a draft guideline on the operations of Automated Teller Machines (ATMs), mandating that banks refund customers for failed ATM transactions within a stipulated timeframe

Specifically, customers must be refunded for failed interbank (not-on-us) ATM transactions within 48 hours, while refunds for failed transactions on the same bank’s ATM (on-us) should be reversed instantly.

In the event that an instant reversal is not possible due to technical issues, a manual reversal must be completed within 24 hours.

The directive was contained in a circular entitled, ‘Exposure of the Draft Guidelines on the Operations of Automated Teller Machines (ATMs) in Nigeria,’ which was released to banks, other financial institutions, and payment service providers.

The circular, signed by Musa Jimoh, director of the Payments System Policy Department, is part of CBN’s efforts to strengthen the reliability and safety of the country’s payment systems.

The CBN stated that it is issuing the draft guidelines for public consultation and stakeholder feedback, in line with its mandate to promote a sound financial system and an efficient payments infrastructure. Stakeholders are expected to review and submit feedback within four weeks from the date of the circular’s release.

According to the apex bank, the key objectives of the draft guidelines include establishing minimum standards for ATM deployment, operations, and maintenance; enhancing consumer protection; improving access to ATM services in both urban and rural areas; and aligning ATM operations with global best practices and regulatory expectations.

The guidelines apply to a wide range of stakeholders, including Deposit Money Banks, Independent ATM Deployers, Card Schemes, Payment Service Providers, and the general banking public.

The draft guidelines lay out detailed operational requirements for ATM deployers, focusing heavily on consumer safety, transparency, fraud prevention, and service availability.

ATM deployers are required to ensure that every ATM is equipped with surveillance cameras that capture and record all activities around the machine.

“These cameras must capture events such as card insertion, transaction selection, and cash withdrawal, while strictly avoiding the recording of customers’ keystrokes for privacy reasons. Where such cameras are installed, they must be concealed to prevent tampering or removal.

“ATMs must be located in areas that guarantee user safety and transaction confidentiality. Those placed outside buildings must be securely bolted and surrounded by protective structures to prevent unauthorised removal.

“Additionally, ATMs must be equipped with anti-skimming devices to combat fraudulent activities, and network connections used in ATM transactions must ensure data confidentiality and integrity”.

According to the circular, to ensure continuous service delivery, ATM deployers are required to minimise ATM downtime. Any technical faults must be resolved within 72 consecutive hours, and if not, customers must be adequately informed of the reason for the outage.

“ATM terminals must also display functional help desk contact information, including at least one dedicated and constantly monitored telephone line for reporting faults.

Moreover, the guidelines also emphasised the importance of transparency in customer charges, adding that all fees and charges associated with ATM transactions must be fully disclosed, and receipts must be issued upon request for every transaction, excluding balance inquiries.

“These receipts must clearly show transaction details such as the amount withdrawn or deposited, the terminal ID, and the time and date of the transaction. Screen displays and printed receipts must also be legible”, the circular added.

Agriculture

FG Empowers 9,870 Farmers with Inputs, Modern Rice Technologies in Kano

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The Federal Government, through the Kano State Special Agro-Processing Zone (SAPZ) Programme in partnership with IFAD, has empowered 9,870 rice farmers in Kano with climate-resilient inputs and modern rice production technologies.

This was contained in a statement issued by the SAPZ Knowledge Management and Communication Officer, Rabi Mustapha.

The State Project Coordinator, Aminu Iliyasu, disclosed this on Sunday during the Farmers Field Day at Chiromawa Garin Babba Cluster in Garun Malam Local Government Area.

He said the exercise was organised to expose the farmers to Science-based and practical solutions capable of enhancing yields, improving food security, and boosting rural livelihoods.

Iliyasu described the field day as a celebration of knowledge, innovation and the resilience of smallholder farmers.

He explained that the SAPZ initiative in Kano aimed to expand access to improved technologies, strengthen extension services, reduce post-harvest losses and create market opportunities for rural farmers.

“These innovations are not theoretical. They are practical solutions that farmers can adopt immediately to raise productivity and increase income,” he said, while commending the support of local authorities.

Mustapha said the inputs distributed to 9,870 farmers included FARO 44 improved seeds, Urea and NPK fertilizers, and insecticides, targeting beneficiaries in Garun Malam, Gezawa, Bichi and Bagwai LGAs during the 2025 wet season.

She added that experts trained farmers on soil selection, seed dressing, nursery establishment, land preparation, and timely transplanting at proper spacing.

“They also covered fertilizer management, weed control, Integrated Pest Management and water regulation to boost rice yields.

“The training emphasised harvesting at optimal maturity, drying paddy to safe moisture levels, and fumigation using phostoxin to prevent storage losses,” she stated.

A beneficiary, Salamatu Ali, said the intervention had positioned Kano farmers to boost yields, withstand climate pressures and increase household incomes.

Another farmer, Huwaila Ibrahim, said the programme transformed her approach to rice production.

“Before, we planted without checking whether the land was suitable.

“Now, we first assess the soil to ensure it matches the seed variety. This season, we cultivated FARO 44,” she said.

Ibrahim added that her output increased from 20–25 bags per acre to about 40 bags after adopting the improved technologies.

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Agriculture

FG Unveils National Agricultural Sample Survey, 2023 Report for Food Security

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The Federal Government has launched the National Agricultural Sample Survey (NASS) 2023 report, towards developing data-driven policies to achieve food security and economic diversification.

Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made this known at the launch of “Disseminating the National Agricultural Sample Survey (NASS) 2023 report” on Tuesday in Abuja.

“As a Ministry, we will apply these findings across the core levers of agricultural transformation, ensuring that our programmes remain data-driven, impact-focused and aligned with the aspirations of the Renewed Hope Agenda.

“A nation that measures well governs well. And food security begins with information security.

“This report should be seen as a practical tool for decision-making, one that guides policy choices, informs investment priorities and accelerates the reforms required across Nigeria’s agricultural sector.

“In a country of more than 232 million people, the strength of our food system depends on the quality of the data that guides national decisions,” Kyari said.

The minister explained that without credible evidence, interventions risk being misdirected and investments may fail to reach the areas of highest need.

The News Agency of Nigeria reports that Food and Agriculture of the United Nations (FAO) in collaboration with the Federal Ministry of Agriculture and Food Security, National Bureau of Statistics and the World Bank launched “Disseminating the National Agricultural Sample Survey NASS the 2023 report”.

He stated that the National Agricultural Sample Survey provides reliable, sector-wide data that helps the agriculture sector track production, understand emerging trends, and guide policy decisions.

Kyari added that the launch and dissemination of the National Agricultural Sample Survey 2023 represents an important step in ensuring that our national choices are informed, targeted, and grounded firmly in evidence.

“This report therefore represents more than statistical outputs; it reflects our commitment to transparency, disciplined planning, and the sustainable development of Nigeria’s agricultural sector.

“The findings of the National Agricultural Sample Survey 2023 present a clear and compelling picture of national production.

“The data we are presenting today is central to that mandate because it gives us the precision required to target interventions, close gaps, and drive the reforms needed to secure our nation’s food system.

“These data points also remind us that every figure reflects real activity across the country, from production to processing to marketing.

“With these digital foundations in place, insights from the NASS move from static data to operational intelligence, enabling a more transparent, efficient and connected agricultural system,” the Minister said.

The Director-General FAO representative in Nigeria, Dr. Hussein Gadain, said the NASS 2023 Report is not just a presentation of data but a celebration of collaboration, commitment, and progress towards building a stronger, more resilient agricultural sector in Nigeria.

Similarly, Adeyemi Adeniran Statistician General of National Bureau of Statistics (NBS) said that the NASS Report 2023 provides critical information on crop production, livestock, aquaculture, labour amongst all.

Adeniran who was represented by David Babalola an official of NBS said that data is essential for shaping effective policies and driving sustainable growth.

According to him, the survey also reaffirms the national bioscience commitment to upholding global best practices in data production through improved methodologies, enhanced field operations, rigorous quality data assurance processes and development of modern digital tools, in Nigeria.

Henry Karshima, Assistant Chief Forest Officer in the Ministry of Environment said that the role of agriculture cannot be overemphasised in food security especially with the launch of the survey.

Mr Abdulhameed Umar National Project Coordinator for Agro-Climatic Resilience in Semi-Arid Landscapes expressed satisfaction with the project in the line of restoring land degradation through data collection.

On his part, Asad Alam, the Senior Economist and Project leader 50×2030 Initiative World Bank Nigeria Development Data Group, Economic Division commended the initiative of making data a priority in agricultural activities to ensure food security.

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BUSINESS

CBN Scraps Cash Deposit Limits, Raises Weekly Withdrawal

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By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) yesterday removed all limits on cash deposits and raised the weekly cash withdrawal limit across all channels to N500,000, up from N100,000.

The development was contained in a circular issued by the CBN to all banks, entitled: “Revised Cash-Related Policies,” signed by Dr.

Rita Sike, Director, Financial Policy & Regulation Department.

According to the CBN, “the revisions form part of ongoing efforts to moderate the rising cost of cash management, address security concerns, and curb money laundering risks associated with the country’s heavy reliance on cash.

“The apex bank noted that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary.

“Effective January 1, 2026, the circular announced several key changes. The cumulative deposit limit has been removed, and the fee previously charged on excess deposits will no longer apply.

“The CBN also stated that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and N5 million for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified in the circular.

CBN orders banks to reimburse APP fraud victims within 48 hours

“In addition, the special monthly authorisation that allowed individuals to withdraw N5 million and corporates N10 million once a month has been abolished.

“For Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly, which forms part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

“The circular further disclosed that excess withdrawals above the stipulated limits will attract charges of 3 percent for individuals and 5 percent for corporate customers, shared in the ratio of 40 percent to the CBN and 60 percent to the operating bank or financial institution.

“Banks have also been directed to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

“Such withdrawals will also be counted as part of the cumulative weekly limit.

“Additionally, banks are required to render monthly returns to the relevant supervisory departments, including the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

“The CBN clarified that revenue-generating accounts of federal, state, and local governments, as well as the accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks, are exempted from the new withdrawal and excess-fee rules.

“However, the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies has been removed.”

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