Commercial banks across Nigeria have commenced new Automated Teller Machine (ATM) charges, following a directive from the Central Bank of Nigeria (CBN). Under the revised fee structure, customers will now pay N100 for every N20,000 withdrawal at on-site ATMs and N600 for the same amount at off-site ATMs.
The new charges, outlined in a CBN circular dated February 10, 2025, officially took effect today, March 1, 2025. According to the directive, withdrawals from a customer’s own bank ATMs remain free. However, using another bank’s ATM now incurs a fee of N100 per withdrawal of N20,000 or less when using an on-site machine, which is located within or directly affiliated with a bank branch.
For off-site ATMs—located in shopping malls, fuel stations, and other public areas—customers will be charged an additional N500 per transaction, bringing the total fee to N600 per N20,000 withdrawal.
The CBN also stated that international ATM withdrawals will be based on cost recovery, meaning customers will pay the exact fee charged by the international acquirer.
The apex bank justified the new charges, citing “rising costs and the need to improve the efficiency of ATM services in the banking industry.”
