Banks are restocking ATMs with cash with the aim of implementing the CBN ₦100-per-transaction policy starting March 1. The implementation comes following the revised ATM transaction fee by the Central Bank of Nigeria released on February 10.
Under the revised fee structure, Customers using other banks’ ATMs will incur a ₦100 fee per transaction at on-site ATMS. However, ATMs located outside bank premises like public spaces will attract additional charges of up to #500 per transaction.
Also, CBN noted that International withdrawals by customers will be based on the exact fee applied by the International acquirer. The fee structure clarified that Nigerians withdrawing less than #20,000 from other banks will also be charged 100 naira per transaction.
However, The Central Bank of Nigeria, pointed out that withdrawals from customers’ bank ATMs will be free of charge. According to Punch, Banks in Lagos have loaded their ATMS with cash, limiting the chance of their customers using other ATMs.
A security personnel at Wema bank in Lagos, when asked about the charge, disclosed that the order came from the authorities. Report shows that all bank branches visited had cash and each branch had at least four ATM points.
Meanwhile, Some customers have expressed their dissatisfaction about the extra cost they have to pay for ATM use. A bank customer, Eze Chinonso lamented that the cost is inconvenient to deal with due to his small salary from security work.
Also, a social media user on X platform, Opel Nnena disclosed that the charges imposed on Nigerians seemed unfair by CBN. She added that there Is a need for new leadership if CBN cannot effectively manage the country’s financial system.
However, The Central Bank of Nigeria has advised Nigerians to use their bank ATM in order to avoid bank charges.
