Nigeria, Feb. 11 -- Nigerians will pay higher charges on cash withdrawals as the Central Bank of Nigeria (CBN) has introduced new ATM charges for both "on-site" and "off-site" withdrawals.

On-site ATM withdrawals refer to those made at a machine owned by a bank but outside its branch premises while off-site ATM withdrawals are those at shopping centres, airports or standalone cash points.

The revised fees, announced in a circular on Monday by Acting Director of the Financial Policy and Regulation Department, John Onojah, will take effect from 1 March.

The adjustment marks the regulator's latest effort to balance rising operational costs with the need for financial sector efficiency.

"In response to rising costs and the need to improve...