CBN Justifies New ATM Charges, Promises Better Cash Flow For Nigerians

The Central Bank of Nigeria (CBN) has justified its new policy on ATM withdrawal charges, stating that it serves the interests of both banks and customers.....KINDLY READ THE FULL STORY HERE▶

Speaking on Channels Television’s Sunrise program on Saturday, John Onojah, CBN’s Acting Director of the Financial Policy and Regulation Department, assured Nigerians that cash shortages at ATMs would be tackled under the revised policy.

“We have secured commitments from banks to ensure that customers no longer encounter empty ATMs. Under this policy, every bank must guarantee a minimum withdrawal limit of ₦20,000 per visit,” Onojah said.

Banks to Recover ATM Deployment Costs

Onojah further explained that the policy is designed to help banks recover the substantial costs of deploying and maintaining ATMs while ensuring customers have uninterrupted access to cash.

“ATM deployment is capital-intensive, and banks need to recoup their expenses while continuing to provide seamless cash withdrawals,” he added.

According to a CBN circular issued on Tuesday, customers withdrawing from other banks’ ATMs will now incur a ₦100 fee per ₦20,000 withdrawn, with additional charges of up to ₦500 for withdrawals at off-site ATMs.

However, Onojah clarified that withdrawals made from ATMs of a customer’s own bank will remain free of charge.