The Central Bank of Nigeria (CBN) has announced a major revision to its Automated Teller Machine (ATM) transaction fees, effectively eliminating the three free monthly withdrawals previously granted to customers using other banks’ ATMs.
This directive, outlined in a circular dated February 10, 2025, aims to address rising operational costs and enhance efficiency within the banking sector.
Under the new structure, customers will now be charged a ₦100 fee plus a surcharge of up to ₦450 per ₦20,000 withdrawal at other banks’ ATMs.
The CBN has urged all financial institutions to comply with the new directives ahead of the implementation date, emphasizing that the revised fees aim to improve the efficiency of ATM services and ensure appropriate charges are applied to consumers.
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