The Central Bank of Nigeria (CBN) has confirmed that Nigerians withdrawing less than ₦20,000 from another bank’s Automated Teller Machine (ATM) will continue to be charged a ₦100 fee per transaction.
This was disclosed in an FAQ document published on the apex bank’s website on Thursday, providing clarity on the newly revised ATM transaction fees set to take effect from March 1, 2025.
According to the CBN circular dated February 10, 2025:
Withdrawals from one’s own bank ATM remain free of charge.
Withdrawals from another bank’s on-site ATM (within or directly affiliated with a bank branch) will attract a ₦100 fee per transaction for withdrawals of ₦20,000 or less.
Off-site ATMs (located in malls, fuel stations, or public areas) will have an additional surcharge of up to ₦500 per transaction.
International ATM withdrawals will be charged based on cost recovery, meaning customers will pay the exact fee applied by the international acquirer.
The revised fee structure is part of CBN’s broader financial reforms, aiming to enhance ATM operations and reduce transaction costs while maintaining banking efficiency.
