The Central Bank of Nigeria (CBN) has reaffirmed that customers withdrawing less than ₦20,000 from an ATM belonging to another bank will continue to be charged a ₦100 fee per transaction. This is part of the revised ATM transaction fees set to take effect from March 1, 2025.
According to the updated directive, withdrawals made from one’s own bank’s ATMs will remain free of charge. However, customers using ATMs of other banks at on-site locations—those within or directly affiliated with a bank branch—will incur a ₦100 fee per withdrawal of ₦20,000 or less.
For off-site ATMs, which are located in public places such as shopping malls and fuel stations, an additional surcharge of up to ₦500 per transaction may apply. Furthermore, customers withdrawing more than ₦20,000 from another bank’s ATM will be charged an additional ₦100 for every subsequent ₦20,000 or portion thereof.
The CBN explained that these charges aim to discourage customers from making multiple small withdrawals to bypass transaction fees. It also noted that banks are not allowed to charge above the prescribed limits, though they may choose to reduce fees as part of their business strategy.
To minimize transaction costs, the apex bank advised customers to prioritize withdrawals from their own bank’s ATMs and explore alternative digital payment methods such as mobile banking, POS transactions, and electronic transfers to reduce cash dependency.
