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.
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