CBN re-introduces ATM charges, bank customers to now pay N65

The Central Bank of Nigeria has re-introduced
ATM charges for cash withdrawals made on
other banks’ Automated Teller Machines. In a
circular dated August 13rd 2014 and signed by
the Director, Banking and Payment Systems
Department, CBN, Mr. Dipo Fatokun , the re-
introduced ATM deduction pegged at N65 per
withdraw would take effect from September
1st 2014.
The circular states that the first three
withdrawals in the month of September on
other banks ATM would be free but the
charges would start counting from the fourth
withdrawal.
Read parts of the circular after the cut...
"The CBN hereby issues the following
directives: The re-introduction of ‘Remote-
on-us’ ATM cash withdrawal transaction
fee, which will now be N65 per
transaction, to cover the remuneration of
switches, ATM monitoring and fit-notes
processing by acquiring banks; the new
charge shall apply as from the fourth
‘Remote-on-us’ withdrawal (in a month)
by a cardholder, thereby making the first
three ‘Remote on us’ transaction free for
the cardholder, but to the paid by the
issuing bank. September 1, 2014 shall be
the effective date for the implementation
of the new charge; banks are expected to
conduct adequate sensitisation to the
customers on the introduction of the new
fee; all ATM cash withdrawals on the ATM
of issuing banks shall be at no cost to the
cardholder.” it read
This reintroduction of ATM withdrawal charges
comes almost 2 years after the CBN and the
Deposit Money Banks cancelled the N100 ATM
charges in December 2012.