The Central Bank of Nigeria (CBN) has announced a revision of ATM transaction fees, effective March 1, 2025, to address rising operational costs and improve banking efficiency.
Under the new policy:
• Withdrawals from a customer’s own bank’s ATMs remain free.
• Withdrawals at bank branch ATMs will now incur a N100 fee per N20,000.
• Withdrawals from other banks’ ATMs will attract a N100 fee plus a surcharge of up to N450 per N20,000.
• The three free monthly withdrawals from other banks’ ATMs have been removed.
• International ATM withdrawals will now include a charge based on the exact cost set by the international acquirer.
The CBN emphasized that financial institutions must fully disclose these charges and comply with the new guidelines.
