Nigerian central bank to cap fees for ATM withdrawals
Move meant to curb rising costs of withdrawals
The Central Bank of Nigeria (CBN) is to introduce new fees on transactions made using cash machines.
In its announcement on February 10, the bank said the new fees would take effect from March 1.
Under the new rules, customers will not be charged when they withdraw cash from a machine belonging to a financial institution with which they have an account.
Fees for withdrawals from other cash machines – “not-on-us” transactions – would be capped at 100 naira ($0.07). For withdrawals of 20,000 naira or
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