The Central Bank of Nigeria has revised timelines for reversals and resolution of refund complaints on electronic channels.

According to a statement issued in Abuja, the apex bank stated that failed ATM transactions reversal shall not exceed 24 hours from the current timeline of three days.

Resolution of disputed and failed Point of Sale or Web transactions will now be concluded within 72 hours from the current five days.

The revised timelines will take effect from June 8, 2020.