Commercial banks across Nigeria have commenced charging customers 100 Naira per 20,000 Naira withdrawal from their on-site (ATMs) & 600 Naira for off-site ATM following a directive issued by the Central Bank of Nigeria (CBN).
This development was announced by the Central Bank of Nigeria in a circular dated February 10, 2025 on the review of ATM transaction fees, scheduled for implementation from today, March 1, 2025.
Under the updated fee structure, withdrawals from a customer’s own bank ATMs remain free. However, customers using ATMs of other banks will now pay a charge of 100 Naira per withdrawal of 20,000 Naira or less at on-site ATMs, which are located within or directly affiliated with a bank branch.
Off-site ATMs, which are positioned outside bank premises in locations such as shopping malls, fuel stations, and other public spaces, will attract an additional surcharge of up to N500 per transaction.
Central Bank of Nigeria (CBN) further clarified that Nigerians withdrawing less than 20,000 Naira from another bank’s ATM will still be charged N100 per transaction.
The Central Bank of Nigeria (CBN) stated that the new charges were introduced due to “rising costs and the need to improve the efficiency of ATM services in the banking industry.”
