The Central Bank of Nigeria (CBN) has eliminated the three free monthly withdrawals previously granted to customers using ATMs of other banks.
In a circular dated February 10, 2025, the apex bank directed all financial institutions to implement new ATM withdrawal charges starting from March 1, 2025. Under the revised policy, customers will now be charged for every withdrawal made from another bank’s ATM.
According to the circular, withdrawals from an ATM within a bank’s premises will attract a charge of N100 per N20,000, while withdrawals at off-site ATMs will incur an additional surcharge of up to N500. The CBN noted that the surcharge will be credited to the ATM deployer and must be disclosed at the point of withdrawal.
The new directive, which aims to enhance ATM service efficiency and encourage digital transactions, comes after the CBN imposed fines totaling N1.35 billion on nine commercial banks for failing to ensure cash availability via ATMs during the festive season.
The CBN attributed the review to rising operational costs and the need to improve banking infrastructure, urging customers to consider digital banking alternatives to avoid additional fees.
