Nigerians using another bank’s ATM to withdraw less than N20,000 will now have to pay a N100 fee per transaction, the Central Bank of Nigeria (CBN) has confirmed.
The policy, set to take effect from March 1, 2025, was outlined in a circular dated February 10 and clarified in an FAQ document published on the CBN website.
Higher Costs for Customers
Under the new rules:
- Withdrawals from your own bank’s ATM remain free.
- Using another bank’s on-site ATM (inside bank premises) will incur a N100 fee per withdrawal of N20,000 or less.
- Off-site ATMs, such as those at shopping malls and fuel stations, will attract an extra surcharge of up to N500 per transaction.
For international ATM withdrawals, customers will bear the exact cost charged by the international acquirer, based on a cost-recovery system.
No More Free Interbank Withdrawals
Previously, customers could make three free interbank ATM withdrawals per month, but that privilege has been scrapped. From March 1, 2025, every withdrawal from another bank’s ATM will attract a fee.
CBN says the N100 charge for withdrawals below N20,000 is aimed at stopping customers from splitting transactions into smaller amounts to avoid fees.
A tiered fee structure will also apply:
- Customers withdrawing more than N20,000 from another bank’s ATM will be charged an extra N100 for every additional N20,000 or fraction thereof.
Banks Warned Against Exploiting Customers
The CBN has cautioned banks against forcing customers to withdraw in smaller amounts just to rack up fees. Banks found violating this rule will face sanctions.
Customers experiencing unfair charges can report complaints to the CBN Consumer Protection Department at cpd@cbn.gov.ng.
