BREAKING: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 - SephoraNews- Nigeria Entertainment Blog SephoraNews- Nigeria Entertainment Blog: BREAKING: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35


Sunday, 22 December 2019

BREAKING: CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35

The Central Bank of Nigeria (CBN) has reduced the withdrawal charges for the use of other banks’ Automated Teller Machine (ATM) from N65 to N35.

The new development was contained in a statement obtained by Sephorahnews on Sunday, released by the apex bank as part of the major highlights of the new Guide to Bank Charges.


The new N35 ATM charges, according to the CBN, should be imposed on customers after the third withdrawal within one month.
In other word, you will only be charged N35 if you withdraw from another bank ATM for the fourth time in one month.

The CBN warned banks to ensure full compliance to the new guidelines adding that any bank that violate the provisions of the guidelines would be sanctioned.

“Financial Institutions are to note that any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time.

“Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time”, the statement partly read.

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