The Central Bank of Nigeria (CBN) has increased the withdrawal charge on off-site ATMs to N100. The new policy will become effective on March 1, 2025.
CBN lists ways to avoid N100 ATM charges
According to the CBN, withdrawals made in ATMs other than the holder’s will attract a charge of N100 per N20,000 transaction.
The bank said charges at remote ATMs, those outside banking premises such as malls, shopping centres, and other places, will attract N100 charges and a surcharge of N500.
However, the apex bank disclosed that customers can avoid the N100 withdrawal charges.
In its recently released FAQs on the new policy, the bank said that customers can avoid the charges by using their bank’s ATMs, which attract zero charges, or patronising Point-of-Sale (PoS) operators, which charge 2.5% for every N10,000 transaction.
CBN vows to sanction banks over violations CBN said it will penalise banks that prevent customers with sufficient funds from withdrawing up to N20,000 per transaction.
The apex bank disclosed this in a ‘FAQ in reaction to its recent review of ATM withdrawal fees.
The financial sector regulator stressed that ATM charges for withdrawals made from other banks’ ATMs, both on-site and off-site, are based on the expectation that customers can withdraw up to N20,000 per transaction.
It added that if the transaction is carried out at an off-site ATM—outside bank premises such as shopping malls or fuel stations—an additional surcharge of up to N500 may apply.
The CBN has also emphasised that banks cannot charge more than the prescribed fees, and any additional charges would be considered a violation.
How do the new withdrawal fees affect you?
The CBN has directed affected customers to file complaints against banks that impose unnecessary restrictions.
However, the CBN recommended that customers withdraw cash from their bank’s ATMs to prevent incurring additional fees.
It also urged customers to consider other payment methods, including mobile banking apps, POS terminals, and various digital payment options to reduce ATM withdrawal costs.