- Onoja dismissed speculation that the changes aim to reduce cash in circulation
The Central Bank of Nigeria (CBN) has directed banks to ensure their ATMs are stocked with cash as the new transaction fee structure takes effect on March 1.
CBN’s Acting Director of Financial Policy and Regulation, John Onoja, confirmed this in an interview on Arise TV, emphasizing that the fee adjustment aims to balance operational costs and service quality.
Under the new policy, withdrawals from one’s bank ATMs remain free, but using another bank’s ATM will attract a ₦100 fee for withdrawals of ₦20,000 or less at on-site ATMs (within bank premises). Off-site ATMs, located in malls and public spaces, will carry an additional surcharge of up to ₦500 per transaction. International ATM withdrawals will be charged based on cost recovery.
Onoja dismissed speculation that the changes aim to reduce cash in circulation, insisting that CBN has other tools to manage liquidity. Instead, the policy seeks to ensure cash availability, particularly in rural areas.
“Cashless does not mean no cash,” he said, adding that electronic transactions remain a viable alternative while ATMs must continue to serve those who need physical cash.
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