then, who posted it online yesterday that it has been reintroduced?

wen d policy dey start self make i knw

Nothing last long in this our country Nigeria if not corruption bt my question is can dis 65naira bring back our girls.

lat4real: CBN is still saying the same thing but with better explanation this time. You can withdraw thrice in a month without being charged, but your subsequent withdrawal will attract N65 charges.

Na wa o. Where did the article say anything about withdrawing thrice a month?

***

The first three withdrawals in one day from an ATM that isn't from your bank will not be charged but from the fourth you will be charged N65.

holluwai: This man has just said nothing but nonsense!!! I don't get any explaination from this.

read again u will understand

As if I care,no be persin wey get balance for bank dey withdraw for atm?

well explained, i'm in support of the move

I no even understand one thing d man talk

holluwai: This man has just said nothing but nonsense!!! I don't get any explaination from this.

If you couldn't get any explanation from what he said, then Sorry, its ur fault not his . Urs is a case of He who laughs last, understood d joke last

It doesn't still make any sense to me, I thought we are dealing with professionals and emotional bankers so what if people turn their banks to their purse, is it not their money [depositors money i mean] these guys are talking as if they are the one loading our account for us.

I was one of those people who felt that instead of cancelling the 100 naira charge then why not reduce it to N50, I knew that policy will never last. we are a country where cost of things will never go down and if mistakenly it goes down, it will come up again.

That's the country we live in, am sure this fourth withdrawal nonsense is just a shadow of more to come, in a year's time , they will be back again to tell us that it has been reduced to second withdrawal, we never see anything yet, pure rubbish.

Does that rule out the N100 charged monthly?

Now i get it, 3 withdrawals no payment. Fourth withdrawal you pay #65

So the banks won't be liable for the Atm expenses

fennels007: pls not in one month but in a day. kindly read again

thanks for the clarity, never saw that o, these guys have surely set a trap for Nigerians and some people here are still hailing them na wa o

Onwe101: LAGOS—The Central Bank of Nigeria, CBN, yesterday said it has not
reintroduced charges on the use of Automated Teller Machines, ATMs as
being speculated.
The Director, Banking & Payments System Department of CBN, Mr. Dipo
Fatokun, who explained this to Vanguard after his remarks at the
meeting held by Nigeria Electronic Fraud Forum in Lagos, said: “It is
not a reintroduction per se . You have to agree with me that when the
amendment was made in November 2012, it used to be a N100 for any
remote-on-us withdrawal that you did. And you know that the remote-
on-us is when you as a card holder goes to the ATM of a bank other
than your bank to withdraw cash. It was removed then so that people
would be encouraged to go to other ATMs without paying for it.
But the truth is that as we said in the circular on the Introduction of
Fees on Remote-On-Us ATM Withdrawal Transactions recently, that
N100 included the N35 that goes to the issuing bank, which has now
been completely waived. The issuing bank does not make any thing, but
in going to other ATMs to make withdrawal , your bank, that is, the
acquirer bank incurs cost of N65 which they pay to the switches and the
owner of the ATM that you are using.
Continuing, he said: ”Between 2012 and recently when the review was
done, it was discovered that people have actually turned ATMs into their
personal purses because nothing is charged. Somebody needs N500, or
N1000, he will go to ATM and withdraw, he needs N2000, he will go to
ATM and withdraw, so that in a day some people can patronise ATM
for up to four or ten times. That has created a huge cost burden for the
banks that issue the cards. It was becoming discouraging to them.
“So that is why we said, you can go to an ATM other than your bank
ATM to withdraw up to three times and no charges would be imposed
on you, but it is when you make the fourth withdrawal that you will
pay the N65 that ordinarily your bank would have paid on your behalf.
But of course if you go to your bank’s ATM, the issuer, for withdrawal
you can withdraw as many times as you like without being charged. So,
it does not discourage financial inclusion. You should bear in mind that
when you talk of cashless regime, you are encouraging people to do
their transactions electronically other than the use of cash. So it is a
motivation for people to patromise the ATM. “ source http:// http://www.vanguardngr.com/2014/08/weve-reintroduced-atm-charges-cbn/#sthash.vMZRrOVF.dpuf

It's like they are removing subsidy from everything now.

Make them no try child's play to bring back that charged we don't want it pls

If you must use another bank's ATM, do not use it more that 3 times in a day to avoid the extra charge. Nice explanation!

treasuremi1: Hmmm. This our country sef Unfavourable policies everywhere

Our govt is good at formulating exploitative policies just to feather their nest

lat4real: CBN is still saying the same thing but with better explanation this time. You can withdraw thrice in a month without being charged, but your subsequent withdrawal will attract N65 charges.

if this was to be an exam question you are surely going to miss it.
Bros where u take see three times a month??

but can you try and consider we students that our parent normally send #1000 ,and when there is no nearest bank besides us, how do you want us to claim our money without this charge?

lat4real: CBN is still saying the same thing but with better explanation this time. You can withdraw thrice in a month day without being charged, but your subsequent withdrawal will attract N65 charges.

Fixed.

[b]it was discovered that people have actually turned ATMs into their personal purses because nothing is charged. Somebody needs N500, or N1000, he will go to ATM and withdraw, he needs N2000, he will go to ATM and withdraw, so that in a day some people can patronise ATM for up to four or ten times.

Who discovered this blantant lie? Who likes going through the stress of going to an ATM even once? Lets assume thia is correct, what % of Nigerians does that. Majority of Nigerians even have to drive, or use other means of transport to get to an ATM point. What is wrong in withdrawing 500 or 1000? Does one have to withdraw more than he needs? This banks are making a whole lot money from depositors money why cant they pay for switches. They post huge profits at the end of every year, whilst paying the switches so what burden are we talking about here. As a matter of fact, the money still goes round the banks, because the same way onr uses a GTB atm in Zenith, is the same way someone is using Zenith's ATM in GTB, meaning as GTB is paying Zenith and the switch network, Zenith is also paying GTB and the switch network in another terminal.

Indeed the cluelessness of this administration is as infectious as EBOLA, Sanusi only had natural immunity and was sacked cos of that.[/b]

femcruz: Admist of all the crisis in the country, this is what cbn has to contribute.

every mallam wit him kettle. D guy is taking care of wot concerns him or is it his duty 2 magically or miraculously solve d proplems of dis country. Y nt try n solve d 1 in ur street n c.

A policy that needs further explanations and is not self explanatory on its own needs not be considered at all.
This explanation simply underscores the ambiguity of the whole thing on its own.
If people are withdrawing N1000, thereby turning the ATM machines to their purse, is nt that strengthening the banking culture?
Would you rather they kept the money in their pillow outside the bank instead?

how people no go turn ATM to their purses
#dat awkward moment wen u come to DE counter to withdraw 2k only to be referred back to DE ATM.. u won't bother going bak there again next time na..as Dem see say their share out of that charges no dey come again dats y they wanna introduce it back..

greall1: it was discovered that people have actually turned ATMs into their
personal purses because nothing is charged. Somebody needs N500, or
N1000, he will go to ATM and withdraw, he needs N2000, he will go to
ATM and withdraw, so that in a day some people can patronise ATM
for up to four or ten times. That has created a huge cost burden for the
banks that issue the cards. It was becoming discouraging to them.




It is logic.
I don't believe the story. If I use ATM as a purse is my money. The charges is too much why not 20 to 30 naira.

No b crayfish

My personal fear is won't this banks start charging even your first withdrawal?cus they know nobody will fight for you$your 65 naira only

This is a big lie. I used ATM 7am this morning and I was charged and it was my first, very first transaction.

Good move by CBN because I ve observed that some illiterates and punks have turned ATM machines to video game consoles..

Some will spend hours pressing and pressing only to end up collectin 1000naira wen they are done.. Wasting the time of other valuable users..

Rubbish

Decryptor:



The school fees paid on your heads was nothing but a total waste!

and yov mean to tell me that you also went to school with this your shitty english.

Thrash

favoured247:
I think they meant thrice in a day. not a month

Noted.

So collecting money from ppl is the best measure shey
Y not increase Money withdrawer awon Ole, always have silly excuses to steal from the masses