News Update
THE Central Bank of Nigeria (CBN) has announced changes to ATM transaction fees, set to begin on March 1st, 2025.
The adjustment comes as part of efforts to manage rising operational costs and improve banking services.
The last revision was in 2019 when the CBN lowered withdrawal fees from N65 to N35.
Under the new rules, customers using their bank’s ATMs can still withdraw cash for free.
However, a N100 charge will apply to every N20,000 withdrawal at on-site ATMs inside bank branches.
For withdrawals at ATMs of other banks, customers will pay N100 plus an additional surcharge of up to N450 per N20,000 transaction.
International withdrawals will now attract a “cost-recovery charge,” equal to the amount set by the international payment processor.
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Another key change is the removal of the previous three free monthly withdrawals for customers using ATMs of other banks.
The CBN has directed all financial institutions to enforce the new charges by March 2025.
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