CBN Confirms N100 Fee for ATM Withdrawals Below N20,000 from Other Banks
The Central Bank of Nigeria (CBN) has announced that Nigerians withdrawing less than N20,000 from an Automated Teller Machine (ATM) of another bank will still be required to pay a transaction fee of N100.
This confirmation comes amid concerns over banking charges and accessibility to cash withdrawals. The policy, which affects interbank ATM transactions, means customers using an ATM that does not belong to their bank will incur the standard fee, even for lower amounts.
While the CBN has not provided further details on possible adjustments, the decision has sparked discussions among customers and financial analysts. Many have called for a review to reduce the burden on low-income earners who rely on ATMs for small cash withdrawals.
Stay tuned for more updates.
