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The Central Bank of Nigeria (CBN) has announced changes to ATM withdrawal fees effective from March 1, 2025. Previously, customers enjoyed three free ATM withdrawals per month from banks other than their own, but this will no longer be the case.
Under the new guidelines:On-site ATMs: Customers will be charged N100 for every N20,000 withdrawn.
Off-site ATMs: A charge of N100 will apply, along with an additional surcharge that could go up to N500 per N20,000 withdrawal.
On-Us Transactions: Customers withdrawing from ATMs of their own banks will not incur any charges.
The CBN states that these changes are in response to the rising operational costs and the need to enhance the efficiency of ATM services across the banking sector.
The aim is also to encourage the further deployment of ATMs by ensuring that charges are fairly applied, thus benefitting both the banks and ATM users.
These fees do not apply to international withdrawals, which will continue to be charged according to rates set by the international systems managing those transactions.
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