CBN Re-Introduces Bank Charges For ATM Withdrawals

The Central Bank of Nigeria has re-introduced bank charges on Automated Teller Machines.

Bank Customers as from 1st of September, 2014 will now pay N65 when they make use of other banks ATMs.

In  the directive, CBN stated that the first 3 withdrawals in a month on other bank ATMs will be free but subsequent ones will be charged at N65 per transaction.

It will be recalled that banks were charging N100 per transaction on ATM machines before the Central Bank cancelled it  Under Sanusi Lamido Sanusi's watch in December 2012 and made it free.

Now it’s back with a reduction of N35.

When it was cancelled, the banks still paid each other when the transaction was made without passing on the costs to the customers, This made many of the banks ensure that their ATMs were always working to prevent their customers from going to other banks.