The Central Bank of Nigeria (CBN) has confirmed that Nigerians withdrawing less than ₦20,000 from another bank’s Automated Teller Machine (ATM) will pay a ₦100 fee per transaction, starting March 1, 2025.
According to a document published on the CBN website on Thursday, withdrawals from ATMs belonging to one’s own bank will remain free. However, customers using other banks’ ATMs will incur a ₦100 charge for withdrawals of ₦20,000 or less at on-site ATMs (within bank premises). Off-site ATMs, such as those in malls or fuel stations, will attract up to ₦500 per transaction.
International ATM withdrawals will be charged based on cost recovery, meaning customers will pay the fee set by the international acquirer.
The CBN stated that the ₦100 fee for withdrawals under ₦20,000 aims to prevent customers from splitting transactions to avoid charges. Additionally, withdrawals exceeding ₦20,000 from another bank’s ATM will attract an extra ₦100 for every additional ₦20,000 or portion thereof.
A key change is the removal of the three free monthly withdrawals previously allowed for interbank ATM use. From March 1, 2025, all interbank ATM withdrawals will incur charges.
The CBN also warned banks against overcharging customers or forcing smaller withdrawals to generate more fees, threatening sanctions for violations. Customers can report issues to the CBN Consumer Protection Department at cpd@cbn.gov.ng.
