Below are various interpretations of CBN new rules on money transactions in Nigeria:
“As from March 1, You will be paying ₦100 charges if you use your ATM card to withdraw money from another bank ATM machine (in addition to their normal electronics, SMS, and N50 charges).
Secondly, If you choose to withdraw money with your ATM card using POS machine, CBN will charge you ₦400 for using POS, they will also charge you another N100 for collecting money above ₦10,000.
Then POS agent will still charge his/her own charges. All in all, you will be charged close to ₦800-₦1000 for withdrawing ₦20k. Don’t be annoyed and start fighting POS agent when this thing is done or starts in few days time. This is one of the new tax policy of our Federal Government.
