CBN Upholds N100 ATM Fee for Withdrawals Below N20,000, Introduces New Charges from March 1

    

The Central Bank of Nigeria (CBN) has reaffirmed that Nigerians withdrawing less than N20,000 from other banks’ ATMs will continue to incur a N100 fee per transaction, as part of its revised ATM charges effective March 1, 2025.

According to a document published on Thursday, withdrawals from one’s own bank’s ATMs remain free, but transactions on other banks’ ATMs will attract N100 for amounts up to N20,000. Withdrawals above N20,000 will be charged an additional N100 for every N20,000 increment.

Off-site ATMs in public places like malls and fuel stations will also attract up to N500 per transaction, while international ATM withdrawals will be charged at cost-recovery rates.

The CBN clarified that the charges aim to prevent customers from splitting withdrawals into smaller amounts to avoid fees. It also announced the removal of the three free monthly withdrawals on other banks’ ATMs, meaning all such transactions will now attract charges.

The apex bank warned financial institutions against imposing fees higher than prescribed and urged customers to report violations. Nigerians are encouraged to use their bank’s ATMs and explore mobile banking and POS transactions to avoid excessive fees.