The Central Bank of Nigeria (CBN) has revised transaction fees for Automated Teller Machine (ATM) services, with the new charges set to take effect from March 1, 2025.
In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the CBN explained that the fee adjustments are aimed at addressing rising operational costs and improving efficiency within the banking sector.
The last revision of ATM transaction fees occurred in 2019 when the CBN reduced withdrawal charges from ₦65 to ₦35.
While the updated policy will lead to higher costs for certain ATM transactions, the CBN emphasized that it aligns with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions (2020).
Under the new structure, withdrawals from a customer’s own bank’s ATM (on-us transactions) will remain free. However, a ₦100 fee will now apply to every ₦20,000 withdrawal made at on-site ATMs located within bank branches.
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For withdrawals made at ATMs of other banks (off-site or not-on-us transactions), customers will incur a ₦100 fee plus a surcharge of up to ₦450 per ₦20,000 withdrawal.
For international withdrawals using debit or credit cards, the CBN now permits banks and financial institutions to impose a “cost-recovery charge” equivalent to the exact amount charged by the international acquirer.
Additionally, the previous benefit of three free monthly withdrawals for remote-on-us transactions (withdrawals by customers of other banks) has been discontinued.
The CBN has directed all financial institutions to comply with the new regulations before the implementation date, stressing that the revised fees are intended to enhance ATM service efficiency and ensure fair and appropriate charges for consumers.
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