By Fasilat Lawal/Rotimi Famakin
Following the directive given by the Central Bank of Nigeria, CBN to commercial banks on the commencement of new transaction charges for the use of Automated Teller Machines, ATMs, some residents of Ibadan have expressed mixed reactions over the new policy.
The new charges took effect on the 1st of March this year.
Two residents, Tomisin Toriola and Ahmed Babatunde, who spoke with Radio Nigeria in Ibadan, condemned the policy, saying it would inflict more hardship on them.
Another resident, Mr Habeeb Aduroja noted that with the new policy, bank customers would have no choice but to visit their banks for transactions which he said could be hectic
However, Mr Steven Odumola expressed contrary opinion saying the money generated from the charges could be used to improve infrastructures that would ease bank transaction and be beneficial to the masses.
The Central Bank of Nigeria, CBN had in a circular signed by the apex bank’s Acting Director of financial policy and regulation department, John Onojah that customers withdrawing from their bank ATMs will continue to enjoy free withdrawals.
Mr Onojah also stated that One hundred naira fee will apply per twenty thousand naira withdrawal at ATMs located at bank branches.
He noted that For withdrawals at ATMs of other banks, one hundred naira fee plus a surcharge of up to four hundred and fifty naira per twenty thousand naira withdrawal will be charged.
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