CBN gives update on N100 ATM withdrawal charge

CBN gives update on N100 ATM withdrawal charge

The Central Bank of Nigeria has said the N100 fee subsists for banks’ customers withdrawing less than N20,000 cash from other banks’ Automated Teller Machines.This comes as the apex bank slammed Nigerian banks against limiting ATM withdrawals below N20,000 per transaction.This is according to a Frequently Asked Questions document released by CBN on its website on Thursday.The directive follows CBN’s revised ATM withdrawal charges proposed to take effect from March 1, 2025.The policy has sparked reactions among Nigerians as a result of some gray areas.In an update on Thursday, CBN explained that the reason for applying charges for every N20,000 ATM withdrawal was designed to prevent customers from being compelled to break their transaction withdrawals to less than N20,000 per withdrawal.“Yes, the fee of N100 will apply if you withdraw less than N20,000 from another bank (a bank other than the one that issued your payment card).“The reason for applying the fee for every N20,000 withdrawal is to prevent customers from being compelled to break their withdrawals to less than N20,000 per withdrawal”, it stated.CBN added, “Any bank that compels a customer with sufficient funds in their account to withdraw less than N20,000 per transaction, against their desire for a higher sum, would be contravening this regulation and will be sanctioned appropriately.”

Source: CBN gives update on N100 ATM withdrawal charge

 - NigerianEye
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