The Central Bank of Nigeria (CBN) has announced new ATM charges, citing rising operational costs for banks and the need to improve the efficiency of automated teller machines.
New ATM Charges
According to a circular signed by Acting Director of Financial Policy and Regulation John Onojah, customers withdrawing at the ATMs of their banks won't face charges. However, using another bank's ATM within their premises will cost 100 naira for every 20,000 naira withdrawn. Offsite ATMs, like those in malls or airports, will have a basic charge plus up to 500 naira surcharge for every 20,000 naira. This surcharge belongs to the ATM operator and must be disclosed at withdrawal. International withdrawals incur recovery costs set by the international acquirer.
End of Free Withdrawals
The CBN also terminated the rule allowing three free monthly ATM withdrawals. Previously, users had three free withdrawals per month, but after the review, this is no longer applicable for Remote-On-Us consumers in Nigeria.
Expectations from the Fee Revision
The CBN hopes that the fee revision will accelerate ATM deployment nationwide and ensure fair charges are applied by financial institutions to consumers. The new fees are expected to take effect from March 1, 2025.
The revised ATM charges by the Central Bank of Nigeria aim to improve service efficiency and ATM access across the nation. This decision has sparked attention due to the end of free monthly withdrawals.
