CBN goes ahead with N65 charges on ATM withdrawals despite outcries

Despite the controversies trailing the introduction of N65 charges on Automated Tellers Machine, ATM, by the Central Bank of Nigeria, Commercial banks in Nigeria will commence the operation as from today, September 1.

DailyPost reports that the apex bank had announced a fresh plan to bring back the charges penultimate week.

Explaining why it is introducing the charges, the CBN claimed that the removal of ATM charges was wrong in the first instance, adding that there was no way a bank could recover its costs and improve on profitability with such remaoval.

“The wear and tear as well as the frequency of servicing the ATMs has increased significantly. Indeed, some customers were beginning to abuse the use of ATMs through countless withdrawals. This development has led to increase in cash transactions, which negates the bank’s cashless policy”, the CBN said in a statement.

Since the apex bank made the announcement, many Nigerians have been describing the Godwin Emefiele’s financial institution as insensitive.

Already, banks are beginning to notify their customers of the latest development and the need for them to adapt to the new system.

“Dear Customer, from 1/9/14, every withdrawal over 3 times in a month on other banks’ ATMs will attract N65 fee. To avoid this, use Ecobank ATMs free of charge,” an sms from this reporter’s bank reads.