The Central Bank of Nigeria (CBN) has clarified that Nigerians withdrawing less than N20,000 from another bank’s ATM will incur a N100 fee per transaction. This was detailed in an FAQ document published on the CBN website, explaining the new ATM transaction fees effective March 1, 2025.
While withdrawals from one’s bank ATM remain free, those using other banks’ ATMs will pay N100 per withdrawal, even for amounts below N20,000. Off-site ATMs, such as those in malls and fuel stations, will attract an additional surcharge of up to N500 per transaction.
The CBN stated that these charges aim to prevent customers from splitting withdrawals into smaller amounts to bypass fees. Withdrawals exceeding N20,000 will incur an extra N100 fee for every additional N20,000 or portion thereof.
A significant change in the policy is the removal of three free monthly withdrawals from other banks’ ATMs. Starting March 1, 2025, all interbank ATM withdrawals will attract charges, increasing costs for customers who rely on ATMs outside their primary bank.
Additionally, the CBN warned banks against imposing fees beyond the approved charges and stated that violations will lead to sanctions.
Customers encountering such issues can report them to the CBN Consumer Protection Department via [email protected].
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