CBN Re-Introduces Bank Charges For ATM Withdrawals, Now N65!

To some people, this may not be a good news..but it would interest you to know that the Central Bank of Nigeria as re-introduced bank charges on Automated Teller Machines.

 

So, guys as from 1^st of September, 2014 we will now be paying N65 when we 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.

  Remember that banks were charging N100 per transaction on ATM machines before the Central Bank cancelled it in December 2012 and made it free...which I love....lol. Now it’s bank with a reduction of N35. 
However, on the commencement of the arrangement in December 2012, banks (issuers) decided to waive the issuer fee (N35), which should have ordinarily been an income to them. Consequently, banks only bore the cost of N65 each time their customers use another banks’ ATM.
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.

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