Nigerian Banks Panic as CBN Sets 48-Hour Deadline for ATM Refunds

The Central Bank of Nigeria (CBN) has issued a new rule requiring banks to refund customers for failed ATM transactions within 48 hours, leading to panic in the banking sector. This move aims to enhance efficiency and customer satisfaction, pushing banks to upgrade systems and improve security measures.

The CBN's directive emphasizes the need for quick refunds to avoid delays and build trust with customers. Failure to comply may result in sanctions, highlighting the importance of modernizing banking operations in Nigeria.