Amidst economic hardship and rising inflation, the Central Bank of Nigeria, CBN, has increased charges for the use of Automated Teller Machines, ATMs.
A circular signed by the CBN’s acting director of financial policy and regulation department, John Onojah, said that the revised charges will take effect from March 1.
CBN has explained that this would address rising operational costs and enhance efficiency in the banking sector.
It noted that the review is in line with Section 10.7 of the ‘CBN guide to charges by banks, other financial and non-bank financial institutions (2020)’.
ATM transactions charges were last reviewed was in 2019, when the CBN reduced withdrawal fees from N65 to N35.
According to this new policy, customers withdrawing from their bank ATMs (on-us transactions) will continue to enjoy free withdrawals.
However, a N100 fee will apply per N20,000 withdrawal at on-site ATMs (those located at bank branches).
For withdrawals at ATMs of other banks (Not-on-Us transactions), an off-site withdrawal will attract a N100 fee plus a surcharge of up to N450 per N20,000 withdrawal.
