CBN reduces ATM usage bill

CBN reduces ATM charge from One hundred naira to 65 naira for cash withdrawals made on other banks Automated Teller Machines (ATM)

This takes effect from 1st of September 2014. 

The Central Bank of Nigeria announced this on Wednesday. 

So instead of the N100 bank charge, it would be N65.

I think its cool though. Read CBN statement below.

“The CBN hereby issues the following directives: The re-introduction of ‘Remote-on-us’ ATM cash withdrawal transaction fee, which will now be N65 per transaction, to cover the remuneration of switches, ATM monitoring and fit-notes processing by acquiring banks; the new charge shall apply as from the fourth ‘Remote-on-us’ withdrawal (in a month) by a cardholder, thereby making the first three ‘Remote on us’ transaction free for the cardholder, but to the paid by the issuing bank.

September 1, 2014 shall be the effective date for the implementation of the new charge; banks are expected to conduct adequate sensitisation to the customers on the introduction of the new fee; all ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder.”