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. Though in the directive, CBN stated that the first 3 withdrawals in a month on other bank ATMs will be free but subsequent one 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 in December 2012 and made it free. Now it’s back with a reduction of N35.