New CBN ATM Rules: What Every Nigerian Should Know

[Shola joshua]

If you’ve ever stood in front of an ATM that swallowed your card or failed to dispense cash, only to be told to “check back in 14 working days,” you understand the quiet frustration most Nigerians feel when dealing with banking machines.

But things are about to change. On October 9, 2025, the Central Bank of Nigeria (CBN) released a new set of guidelines that will completely reshape how ATMs operate across the country. This update, rooted in the powers of the CBN Act of 2007, replaces the older 2020 rules and builds on reforms from March 2024, when the bank increased minimum capital requirements for financial institutions.

This time, however, the focus isn’t just on policy — it’s on people. From faster refunds to better security and cleaner, more reliable ATMs, the CBN is aiming to make banking more human, accessible, and accountable.

Faster Refunds, Better Machines, and Real Accountability
Perhaps the most exciting change for everyday users is the introduction of instant or near-instant refunds for failed transactions. If an ATM fails to dispense cash but debits your account, your refund must now happen immediately when using your own bank’s ATM. If a technical issue prevents that, your bank has only 24 hours to fix it. For cross-bank transactions, the maximum waiting time is 48 hours.

This marks a major improvement over the old system, where customers could wait for weeks before seeing their money returned. The CBN wants Nigerians to stop chasing refunds and start trusting the system again.

In addition, the days of perpetually “out of service” ATMs may soon be behind us. Under the new rules, a machine cannot remain unavailable for more than 72 hours without explanation. Banks and independent ATM operators are now required to maintain and restock their machines regularly — particularly on weekends and public holidays.

The new regulation also sets higher expectations for transparency. Every ATM must display an active helpline number with real customer support staff on standby. Banks will also maintain a register of their ATMs, including service records, locations, and performance metrics, to help the CBN monitor compliance and take swift action when standards drop.

Security, Accessibility, and a Friendlier User Experience
As digital fraud continues to evolve, the CBN’s 2025 guidelines place a strong emphasis on security. All ATMs must now include hidden surveillance cameras (excluding PIN input areas), anti-skimming technology, and encrypted network connections to prevent data theft.

If someone stands in a way that blocks the camera, the ATM is programmed to automatically cancel the transaction — a move designed to deter suspicious behavior.

Accessibility is also a key focus. At least 2% of all ATMs deployed by any financial institution must include tactile features for visually impaired users, and their locations must be listed on the bank’s official website. The CBN is also insisting that ATMs be installed in well-lit, safe areas, ensuring privacy and security for all users.

To improve the everyday user experience, a few practical but meaningful changes have been introduced. ATMs will now dispense cash before ejecting your card, so you don’t forget your money. The machines will also stop “retracting” cash after a few seconds — once dispensed, the money stays out. You can request printed receipts showing your transaction details, and banks can no longer charge for PIN changes.

These updates may sound technical, but collectively, they aim to make every ATM encounter smoother and less stressful for Nigerians who rely on them daily.

Always Loaded, Always Clean — And This Time, the CBN Is Watching
Few things test the patience of Nigerians more than visiting five different ATMs only to see the same message: “Unable to dispense cash.” Under the new directive, that responsibility now lies squarely with the banks. ATMs must remain loaded with fit, usable notes at all times, and banks must deploy real-time monitoring systems to ensure they don’t run dry. Machines are also expected to have backup power sources to stay functional during outages.

The CBN is also addressing the physical condition of ATM environments. Banks are required to provide waste bins, keep the area clean and well-lit, and perform regular maintenance checks. Even the cash inside ATMs must now be insured — so in cases of vandalism or theft, customers won’t be left at a loss.

But perhaps the most reassuring part of all this is enforcement. The CBN isn’t just issuing these directives; it plans to actively monitor and audit ATMs nationwide. Non-compliant banks or operators will face penalties. The message is simple: the era of broken, neglected, and unreliable ATMs is coming to an end.

What It Means for You
For the average Nigerian, these reforms could redefine what it feels like to use an ATM. Refunds will be faster. Machines will work more often. Transactions will be safer. And banks, not customers, will finally bear the weight of accountability.

In a country where cash remains king, the CBN’s new rules are more than a technical update — they’re a promise of dignity and efficiency in everyday banking.

So, the next time you step up to an ATM, expect something different: a faster, cleaner, and more transparent experience. Because this time, Nigeria’s banking regulator isn’t just talking — it’s watching.

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