Nigerian banks have raised Automated Teller Machine (ATM) withdrawal charges following the implementation of a new policy by the Central Bank of Nigeria (CBN).
Under the revised charges, customers will now pay higher fees when withdrawing cash, particularly from ATMs outside bank premises and for international transactions.
In a message to customers on Tuesday, United Bank for Africa (UBA) confirmed that withdrawals from its ATMs will remain free. However, transactions on ATMs belonging to other banks will now attract a fee of ₦100 per withdrawal.
A more significant adjustment affects off-site ATMs, where customers will now be charged ₦600 per transaction, regardless of the bank involved. This increase is expected to impact those who rely on external ATMs for convenience.
For international transactions, withdrawal fees will vary based on the policies of foreign banks handling the transactions. Nigerian customers withdrawing cash abroad may face different charges, depending on the terms set by the international banks.
These changes reflect adjustments in the banking sector to align with regulatory policies and rising operational costs.
Customers are advised to take note of these updates and plan their transactions accordingly to minimize additional expenses.
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