A circular of the document titled: "Circular on the Introduction of Fees on Remote-on-Us ATM Withdrawal Transactions," signed by the Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, was posted on the regulator's website.
Though in the directive, CBN stated that the first 3 withdrawals in a month on other bank ATMs will be free but subsequent one will be charged at N65 per transaction.
It will be recalled that banks were charging N100 per transaction on ATM machines before the Central Bank cancelled it in December 2012 and made it free. Now it's back with a reduction of N35.
However, the central bank explained that it took the latest decision as a result of the unintended consequences on banks.
This, it said had resulted in substantial cost burden incurred by banks in defrauding the cost for the service. -