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The Central Bank of Nigeria (CBN) has announced a review on the transaction fees for automated teller machines (ATMs).
In a circular signed by John Onojah, acting director of financial policy and regulation department, the CBN said the revised charges will take effect from March 1.
The regulator said the move would address rising operational costs and enhance efficiency in the banking sector.
On-site ATMs: A charge of N100 per N20,000 withdrawal.
Off-site ATMs: A charge of A100 plus a surcharge of not more than N500 per N20,000 withdrawal.
On-Us (customer withdrawing at the ATM of the customer’s financial institution) in Nigeria: No charge
