Got an ATM debit card? Get ready to pay more for its maintenance.
Are you an ATM card holder? Then one of the central bank of Nigeria news for the spring 2016 is raising ATM card charges for people. Presently Nigerians pay N65 monthly for their cards. The new charge would almost double this amount.
CBN offered to provide an additional fee and each ATM card in the country, which amounts to N100 of monthly payments. This charge is different from the one you already paid (if you are a card holder) of N65. The fee seems rather small, but if every card holder in the country pays it, the sum would be really huge.
Plus, they wish to take N50 charge on each and every cheque leaflet. If you use the card monthly, you pay N100, if you do not, they charge you only N50. If you have a foreign currency card, CBN may make you pay over N4000 annually for the maintenance thereof.
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Just recently the raised ATM card charges evoked protests in Nigerians. Here you go, you get another one few days later from the CBN. Share your opinion on the situation. Would the raised card charges affect you for good or for bad?