CBN Drops ATM Withdrawal Fee To N35, Reviews Bank Charges

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The Central Bank of Nigeria (CBN) has reduced cash withdrawal charges from other banks’ Automated Teller Machines ATM from N65 to N35 after the third withdrawal within a month.

The apex bank in a revised Guide to Bank Charges has mandated banks to charge customers N35 for cash withdrawals.

The new guideline signed by Chibuzo Efobi for CBN Director, Financial Policy and Regulation Department, showed a downward review for electronic banking transaction charges to align with market developments.

The new directive is set to take effect on January 1, 2020, in furtherance of CBN’s quest to make financial services more accessible and affordable to various stakeholders in the economy.

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