Central Bank Cuts ATM Withdrawal Fees From N65 to N35

Written by on December 22, 2019

The Central Bank of Nigeria has reduced the withdrawal fee charged for the use of other banks’ Automated Teller Machines from N65 to N35.

The N35 ATM fee according to the CBN should be imposed on customers after the third withdrawal within one month.

The new directive is part of the major highlights of the new Guide to Bank Charges released by the CBN on Sunday.

It also removed Card Maintenance Fee on all cards linked to current accounts, and also asked banks to charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other bank on current accounts only.

The CBN warned banks to ensure full compliance to the new guidelines adding that any bank that violate the provisions of the guidelines would be sanctioned.

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