The Central Bank of Nigeria (CBN) has announced an increase in charges for Automated Teller Machine (ATM) withdrawals, set to take effect from March 1, 2025.
In a circular signed by the acting Director of Financial Policy and Regulation, John Onojah, the apex bank stated that a ₦100 fee will apply per ₦20,000 withdrawal, along with an additional surcharge of up to ₦450 per ₦20,000 withdrawal for transactions conducted on ATMs of other banks.
CBN has explained that this would address rising operational costs and enhance efficiency in the banking sector.
It noted that the review is in line with Section 10.7 of the ‘CBN guide to charges by banks, other financial and non-bank financial institutions (2020)’.
ATM transactions charges were last reviewed was in 2019, when the CBN reduced withdrawal fees from N65 to N35.
According to this new policy, customers withdrawing from their bank ATMs (on-us transactions) will continue to enjoy free withdrawals.
However, a N100 fee will apply per N20,000 withdrawal at on-site ATMs (those located at bank branches).
For withdrawals at ATMs of other banks (Not-on-Us transactions), an off-site withdrawal will attract a N100 fee plus a surcharge of up to N450 per N20,000 withdrawal.