The Central Bank of Nigeria (CBN) has announced changes to ATM transaction fees, which will take effect on March 1, 2025.
This adjustment is aimed at managing rising operational costs and improving banking services.
The last revision happened in 2019 when the CBN reduced withdrawal fees from ₦65 to ₦35. Under the new rules, customers can still withdraw cash for free when using their bank’s ATMs. However, if they withdraw money from an ATM located inside a bank branch, a ₦100 fee will apply for every ₦20,000 withdrawal.
For withdrawals at ATMs belonging to other banks, customers will be charged ₦100 plus an additional surcharge of up to ₦450 per ₦20,000 transaction.
International withdrawals will now have a “cost-recovery charge,” which will match the fee set by the international payment processor.
Another significant change is the removal of the previous policy that allowed customers three free withdrawals per month at ATMs of other banks.
The CBN has instructed all financial institutions to implement these new charges by March 2025.
