CBN Introduces New ATM Withdrawal Charges
Nigerians using ATMs of banks other than their own will now face new withdrawal charges, as announced by the Central Bank of Nigeria (CBN).
In a circular dated February 10, 2025, and addressed to all banks and financial institutions, John Onojah, the acting Director of the Financial Policy and Regulation Department, outlined the changes.
Key Updates:
🔹 The previous policy allowing three free withdrawals per month on other banks’ ATMs has been scrapped.
🔹 Effective March 1, 2025, customers withdrawing from another bank’s ATM will be charged ₦100 per ₦20,000 transaction.
🔹 For off-site ATMs located in public spaces like malls and restaurants, an additional surcharge of up to ₦500 per ₦20,000 will apply, on top of the ₦100 fee.
🔹 Withdrawals from an account holder’s bank ATM remain free.
According to the CBN, the adjustment is necessary due to rising operational costs and aims to enhance ATM service efficiency across the country.
“This review will encourage wider ATM deployment and ensure financial institutions apply the right charges for the service,” the circular stated.
With these new charges set to take effect soon, customers may need to rethink their withdrawal habits to avoid extra costs.
