CBN REDUCES ATM WITHDRAWAL FEE

Written by on December 23, 2019

The Central Bank of Nigeria has reduced the withdrawal fee charged for the use of other banks’ Automated Teller Machines from N65 to N35.
The N35 ATM fee according to the CBN should be imposed on customers after the third withdrawal within one month.
The new directive is part of the major highlights of the new Guide to Bank Charges released by the CBN on Sunday.
The guidelines also pegged the Advance Payment Guarantee to a maximum of one per cent of the value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
The CBN warned banks to ensure full compliance to the new guidelines adding that any bank that violates the provisions of the guidelines would be sanctioned.


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