CBN slashes banks’ ATM withdrawal fee to N35

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Godwin Emefiele CBN Governor

The Central Bank of Nigeria on Sunday reduced the withdrawal fee charged for the use of other banks’ Automated Teller Machines by 46.15 per cent 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 was part of the highlights of the new Guide to Bank Charges released by the CBN on Sunday. The Guide, which replaces the Guide to Charges by Banks and Other Financial Institutions issued in 2017, takes effect from January 1, 2020.

The apex bank said it may be reviewed from time to time to reflect changes in the business environment. The CBN also asked banks to charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgements to the customers’ account in other banks on current accounts only.

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