The Central Bank of Nigeria (CBN) says it will begin implementation of its reviewed transaction fees for automated teller machines (ATMs) from March 1.
This was disclosed in a circular signed by John Onojah, acting director of financial policy and regulation department.
The CBN said the move would address rising operational costs and enhance efficiency in the banking sector.
Didactic Information Hut reports that by the new fees, on-site ATMs will attract a charge of N100 per N20,000 withdrawal.
Off-site ATMs will attract a charge of 100 plus a surcharge of not more than N500 per N20,000 withdrawal.
And on-Us (customer withdrawing at the ATM of the customer’s financial institution) in Nigeria will attract no charge.
This is coming as Nigerians groan about arbitrary charges by Banks and other financial institutions in the country.