Cbn Approves New Atm Withdrawal Charges For Banks

The Central Bank of Nigeria, CBN, has scrapped free withdrawals for customers using other banks Automated Teller Machines, ATMs. Recall that it was pegged at three free withdrawals per month.

CBN said the review was necessary due to rising costs and the need to improve efficiency of ATM services.

By the new directive, The three free monthly withdrawals allowed for Remote-On-Us other banks customers/Not-On-Us consumers in Nigeria under Section 10.6.2 of the Guide shall no longer apply.

However, withdrawals made from a customers bank ATM will remain free.

Customers using another banks ATM will be chargedN100 perN20,000 withdrawal - if the ATM is located within bank premises.