Nigerian Central Bank agree to remove ATM withdrawal charges

Nov 22, 2012

The Nigerian Central bank has removed withdrawal charges from ATMs in the country.

The Nigerian Central Bank has agreed to remove withdrawal charges from ATMs (automated teller machines) throughout the country.

The Daily Trust reports that the Bankers' Committee announced the move on November 14th, enabling customers to withdraw funds without being subjected to the current surcharge.

The committee said the decision would come into effect immediately, with methods enacted to put such charges on financial institutions instead of consumers.

Commenting on the move, director of banking supervision at the Central Bank of Nigeria Agnes Olatokumbo revealed that the body would be working with the Securities and Exchange Commission to ensure financial stability.

The meeting of the committee also saw bankers express a desire to support mortgage facilities at affordable rates and financially aid victims of a recent flood in the country.

Last week saw the Bank of Uganda commission a joint study with the UN Development Programme to investigate ways to secure money for the country from people who now dwell abroad.