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ATM Fee Now N35 - CBN

CBN GOVERNOR, GODWIN EMEFIELE 

ABUJA, NIGERIA - The revised Guide to Bank Charges mandating banks to charge customers N35 for cash withdrawals from other banks’ Automated Teller Machines (ATMs) has been released. 

The revised guide was made public on Sunday (today) by the Central Bank of Nigeria (CBN). 

According to the apex bank, the charge, which was reduced from previous N65 fee, applies after the third withdrawal within one month.

The new guideline which was signed by Chibuzo Efobi for CBN Director, Financial Policy and Regulation Department, showed a downward review for electronic banking transaction charges to align with market developments and inclusion of new sections on accountability and sanctions for defaulting banks.

Expected to take effect from January 1, 2020, the guideline is in furtherance of CBN’s quest to make financial services more accessible and affordable to various stakeholders in the economy.

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