Good news for Nigerians, as repetitions, directs CBN to suspend new charges of ATM

• CBN has been requested by the representative’s Chamber to stop increasing transaction fees for ATM
• This followed the CBN announcement that the ATM transaction fees will be reviewed
• MPs have said that Nigerians are already experiencing many financial challenges, including inflation and increasing the price of electricity

The journalist Legit.ng Zainab Iwayemi has a 5 -year experience that covers the market for economy, technology and capital.

The Chamber of Representatives requested that the central bank in Nigeria (CBN) should stop the increase of transaction fees for automatic cars (ATMs).

Following the adoption of a motion presented by The state of EDO The legislator Marcus Onbun, the resolution was made during the Tuesday plenary.

CBN He said in February that transaction fees for ATMs will be reviewed higher, starting March 1.

According to the regulatory authority, the action will improve efficiency in The banking industry and manages increasing operational costs.

Customers who withdraw to the US from the ATMs of their bank will still be eligible for free withdrawals within the new agreement.

However, at the on -site ATMs (those found at the bank headquarters), there will be a N100 fee for each N20,000 withdrawal.

A withdrawal outside the site would bear a cost of N100, plus a fee of up to N450 on N20,000 withdrawals for withdrawals made at the ATMs of other banks (transactions not in the US).

CBN mentioned that the survey is the income of “implementation/acquirer ATM and should be revealed to consumers at the point of withdrawal”.

CBN reduced the withdrawal costs from N65 to N35 in 2019, which was the last time the ATM transaction fees were examined.

While the latest growth means that Nigerians will pay more for ATM transactions, the Apex Bank said the review was in accordance with section 10.7 of the “CBN guide Taxes by banks and other financial and non-bank financial institutions (2020) ”.

More taxes limit financial inclusion, Hors insists

Onbun, who moved the motion, claimed that Nigerians will face more financial weights due to the increase of ATM transactions.

According to parliamentarians, Nigerians are already experiencing more financial difficulties such as High energy and gas prices and inflation.

He said that customers also face “numerous banking taxes and services that significantly reduce the available income and have a negative impact on the economic well -being of citizens.”

“Additional imposition ATM withdrawal fees It will continue to limit the financial inclusion of Nigerians, discouraging the winners with low incomes from accessing banking services, thus contradicting the CBN financial inclusion agenda, ”he said.

“The banking sector continued to register significant profits, imposing additional taxes to consumers without proper improvements in the provision of services or infrastructure is unjustified.”

The legislator added that the government must protect citizens against “exploiting financial practices that can lead to further economic suffering.”

The President of the Chamber of Tajudeen Abbas asked for a vocal vote, and the motion was approved unanimously.

Nigerian banks send messages to customers

Legit.ng reported that Nigerian banks have began to inform their customers About new automatic automatic cars (ATM) cars, which have entered into force from March 1, 2025.

Legit.ng reported that the central bank of Nigeria (CBN) revised the accusations for withdrawals from the ATMs in Nigeria.

The new changes end the three free withdrawals per month that the customers previously enjoyed.

Source: legit.ng