BREAKING NEWS: Nigerian Government Orders Banks to Increase ATM Withdrawal Charges

Starting from March 1st, which marks the beginning of Ramadan, anyone withdrawing ?20,000 from an ATM that does not belong to their bank will be charged ?10 as an ATM service fee. This means that for every additional ?20,000 withdrawn, another ?10 will be deducted.

Additionally, for those using ATMs located outside bank premises—such as at fuel stations, supermarkets, and other locations—there will be a ?10 fee plus an extra ?500 charge for every ?20,000 withdrawn (the exact amount charged will be displayed during the transaction).

Currently, banks charge ?35 per transaction after the third withdrawal from another bank's ATM. However, in a recent statement, the Central Bank of Nigeria (CBN) explained that due to the rising cost of operations, banks have been compelled to increase these charges to ?10 and ?500, respectively.

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