The Central Bank of Nigeria (CBN) has revised its Automated Teller Machine (ATM) transaction charges, discontinuing the three free withdrawals previously allowed each month for customers using other banks’ ATMs.
The updated charges came into effect on March 1, 2025.
According to the CBN, the decision was made to tackle rising operational costs and enhance the efficiency of ATM services across the banking sector.
The directive is detailed in Section 107 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions (2020).
Under the revised structure, cash withdrawals made at a customer’s own bank’s ATM will remain free. However, transactions carried out at another bank’s ATM within its premises will now attract a ₦100 fee for every ₦420,000 withdrawal.
For off-site ATM transactions, an additional ₦100 surcharge plus ₦500 per ₦20,000 withdrawal will apply.
The CBN emphasized that the surcharge belongs to the ATM deployer or acquirer and must be clearly disclosed to customers at the point of withdrawal.
Regarding international transactions, customers will be charged according to the exact fees set by the international acquirer, whether they use a debit or credit card.
Banks and other financial institutions have been instructed to implement these revised charges and ensure full compliance with the updated regulations.
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