CBN Defends Controversial ATM Fees, Vows To End Cash Shortages

CBN Defends Controversial ATM Fees, Vows To End Cash Shortages

The Central Bank of Nigeria (CBN) has justified its new policy on ATM withdrawal charges, stating that it aims to benefit both banks and customers while ensuring improved cash availability at Automated Teller Machines (ATMs).………READ MORE 

CBN’s Acting Director of the Financial Policy and Regulation Department, John Onojah, speaking on Channels Television’s Sunrise program on Saturday, assured Nigerians that the persistent cash shortages at ATMs would be addressed under this new policy.

Onojah explained that ATM deployment and maintenance are capital-intensive, and the new policy allows banks to recover costs while ensuring customers have access to cash.

According to a CBN circular issued on Tuesday, customers withdrawing from other banks’ ATMs will incur a charge of ₦100 per ₦20,000 withdrawn, with additional fees of up to ₦500 for off-site ATMs. However, withdrawals from a customer’s own bank ATM will remain free of charge.

CBN reassured the public that banks have committed to keeping ATMs stocked with cash, ensuring that customers will not face empty ATMs.