Banks customers will from September 1, 2014 pay a token of NGN65 (US$0.4) for cash withdrawals made on other banks’ Automated Teller Machines, the Central Bank of Nigeria said in a directive released on Wednesday.

The re-introduction of the ATM charges came almost two years after the CBN and the Deposit Money Banks cancelled the N100 ATM charge in December 2012.

Central Bank of Nigeria reintroduces ATM charges for cash withdrawals

The new directive for the reintroduction of the charge was posted on the CBN website, but instead of N100 per withdrawal, customers using other banks’ ATMs will now pay N65.

However, the central bank explained that it took the latest decision as a result of the unintended consequences on banks. This, it said had resulted in substantial cost burden incurred by banks in defraying the cost for the service.

According to the CBN, the re-introduction of the fee was to cover the remuneration of the switches, ATM monitoring and fit-notes processing by acquiring banks.

Your Turn

Hope this little article post helps, Kindly make use of the comment form below to share your view/voice regarding this re-introduction of N65 for ATM withdrawal

Do not forget To Subscribe to OLAMOSH.Net by Email so as not to miss new interesting articles. you are also free to share this article with your friends & family on social network, making use of the buttons below.