Nigeria CBN to announce new ATM charges

[punch]

BOOK INTERNATIONAL FLIGHTS TICKETS LOCAL FLIGHTS HOTELS BOOKINGS WORLDWIDE AND MORE AT CHEAPEST RATE EVER! CLICK HERE TO BOOK YOUR FLIGHT AND RECEIVE YOUR FLIGHT TICKET INSTANTLY

The Central Bank of Nigeria on Monday, 10 February 2025, announced fresh guidelines for the use of Automated Teller Machines, ATMs.

The details of the guidelines were contained in a circular to all Nigerian banks, signed by the apex bank’s acting Director of the Financial Policy and Regulation Department, John Onojah.

 this report, outlines three key things bank customers should know about the new ATM withdrawal guidelines.


Increase in on-site ATM withdrawal charges

According to the new guidelines, from 1 March 2025, bank customers will be charged N100 per N20,000 ATM withdrawal from another bank’s ATM located within the bank’s premises. This means the apex bank has abolished the three free monthly withdrawals previously allowed under its former ATM policy.

Hike in off-site ATM withdrawal charges

Similarly, for withdrawals made at off-site ATMs—those located outside bank branches, such as in shopping malls, airports, petrol stations, and convenience stores—a charge of N100 per N20,000 withdrawal will apply, along with a surcharge of up to N500.