CBN returns Charges on Cash Withdrawals on ATMs?

Yesterday, in a circular addressed to all banks, titled: “Circular on the Introduction of Fees on Remote-on-Us ATM Withdrawal Transactions,” dated August 13, 2014, the Central Bank of Nigeria (CBN) directed

deposit money banks in the country to re-introduce a charge of N65 per transaction on remote-on-us Automated Teller Machines (ATMs) cash withdrawals.
 

According to the CBN, the re-introduction of the fee was to cover the remuneration of the switches, ATM monitoring and fit-notes processing by acquiring banks.
 

“The new charge shall apply as from the fourth remote-on-us withdrawal (in a month) by a card holder, thereby making the first three remote-on-us transactions free for card holders, but to be paid for by the issuing bank.
 

“All ATM cash withdrawals on the ATM of issuing banks shall be at no cost to the cardholder,” it explained.
 

This policy takes effect from September 1, 2014.
 

Source: Thisday.com