The Central Bank of Nigeria has said it will reintroduce charges on inter-bank usage of Automated Teller Machines.
The charges, put at N65, will come into operation on September 1.
The position of the CBN was made known on Wednesday on the Bank’s website.
However, instead of the N100 that was charged in the past, it will now cost N65 to use other banks’ ATM.
The initial fee was abolished in December 2, 2012 based on the directive of the then Governor of the CBN, Mallam Sanusi Lamido Sanusi, was is now the Emir of Kano.
The circular to this effect was by the Director of Banking and Payment Systems Department of the CBN, Dipo Fatokun.
Fatokun said the CNB and the DMBs agreed to re-introduce the ATM charges because the cost of transaction was becoming too burdensome for the banks to continue to bear.
Fatokun, in the circular, dated August 13, 2014, also said the charge would become effective on the fourth ATM withdrawal in a month, thus making the first three withdrawals on other banks’ ATMs within the month free.
The circular reads: “The CBN hereby issues the following directives: The re-introduction of ‘Remote-on-us’ ATM cash withdrawal transaction fee, which will now be N65 per transaction, to cover the remuneration of switches, ATM monitoring and fit-notes processing by acquiring banks; the new charge shall apply as from the fourth ‘Remote-on-us’ withdrawal (in a month) by a cardholder, thereby making the first three ‘Remote on us’ transaction free for the cardholder, but to the paid by the issuing bank.
“September 1, 2014 shall be the effective date for the implementation of the new charge; banks are expected to conduct adequate sensitisation to the customers on the introduction of the new fee; all ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder.”