CBN Re-Introduce Bank Charges Per Withdraw on Other Banks ATM

Surprisingly CBN cancel the former N100 charges per ATM Withdraw which we are all happy about. But surprisingly again, CBN just re-introduce a fees per ATM Withdraw again which will start by 1st of September 2014, for every withdrawals transaction made on other banks announced by The Central Bank of Nigeria on Wednesday.

Before, we pay a token of N100 per Withdraw on other banks ATM, but now CBN says we should pay a fees of N65, that is N35 less than the former fee.

According to CBN, re-introducing of the charges is because of too much transaction which is too much for banks to bear.

Director of Banking and Payment Systems Department of CBN Dipo Fatokun also said that
"The first three withdrawals on other banks ATM will be free but after that, it would become effective on the fourth withdrawal in a month"..

That's all..

What's your view about the new action from CBN?
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My name is Samuel, also known as Samuel Toby. I am a young blogger in Nigeria with love and passion for writing, I am also a graphic designer. I am a young Nigerian youth with love for browsing and getting latest information around the globe.