Nigerians kick against introduction of N65 charges on cash withdrawals from ATMs

Nigerians, especially bank customers have strongly kicked against the new directive by the Central Bank of Nigeria, CBN, that commercial banks in the country should re-introduce a charge of N65 per transaction on remote-on-us Automated Teller Machines (ATMs) cash withdrawals.

The apex bank had on Wednesday announced that the policy would take effect from September 1, 2014.

Explaining why it is reintroducing the policy, CBN in a circular released on Wednesday noted that the fee will cover the remuneration of the switches, ATM monitoring and fit-notes processing by acquiring banks.

 However, this new policy does not go down well with many bank customers who have been calling for the head of the new CBN Governor, Godwin Emefiele, describing his action as pure wickedness.