Central Banking

Central Bank of Nigeria defends reintroduction of fees on ATM withdrawals

naira-nigeria

The Central Bank of Nigeria (CBN) has defended its decision to reintroduce a fee on ATM withdrawals, describing it as a "critical" measure taken to prevent the abuse of ATMs and ensure the interoperability of the country's payment systems.

The CBN announced the introduction of a 65 naira ($0.40) fee on withdrawals from ATMs that are not operated by the customer's own bank – a so-called "remote-on-us" transaction – in a circular last Thursday.

The move prompted strong reactions from Nigerians tha

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