Effective today, March 1, 2025, the Central Bank of Nigeria (CBN) has implemented new Automated Teller Machine (ATM) withdrawal charges to address rising operational costs and enhance ATM service efficiency across the banking sector.
Withdrawal Charges:
Withdrawals from Own Bank’s ATMs (On-Us Transactions): Customers can withdraw cash from their own bank’s ATMs free of charge.
Withdrawals from Other Banks’ ATMs (Not-On-Us Transactions): A fee of ₦100 per ₦20,000 withdrawal applies when using an ATM from a different bank. For example:
₦5,000 withdrawal = ₦100 charge
₦25,000 withdrawal = ₦200 charge
₦50,000 withdrawal = ₦300 charge
Off-Site ATM Withdrawals: Withdrawals from ATMs located outside bank premises, such as those at shopping centers or standalone locations, will incur a ₦100 fee plus a surcharge of up to ₦500 per ₦20,000 withdrawal.
International ATM Withdrawals: Banks and financial institutions can apply a “cost-recovery charge” equal to the exact amount charged by the international acquirer.
Removal of Free Monthly Withdrawals:
The previous policy allowing three free monthly withdrawals from other banks’ ATMs has been discontinued.
Public Response:
The Trade Union Congress (TUC) has urged the CBN to halt the planned ATM fee increase, warning against harsh financial policies that could worsen Nigerians’ hardships.