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N65 Charge On Cash Withdrawals On ‘Other Banks’ Atms ReIntroduced

The Central Bank of Nigeria (CBN) yesterday directed deposit money banks in the country to re-introduce a charge of N65 per transaction on remote-on-us Automated Teller Machines (ATMs) cash withdrawals.

The policy takes effect from September 1, 2014.

However, the central bank explained that it took the latest decision as a result of the unintended consequences on banks. This, it said had resulted in substantial cost burden incurred by banks in defraying the cost for the service.

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