WATCH THE VIDEO HERE THE Central Bank of Nigeria (CBN) has announced that customers withdrawing cash from Automated Teller Machines (ATMs) of banks other than theirs will now be charged a fee. This decision, outlined in a circular dated February 10, 2025, was signed by acting Director of Financial Policy and Regulation, John Onojah. The directive marks the end of the three free monthly withdrawals previously allowed for customers using ATMs outside their banks. Under the new policy, which takes effect from March 1, 2025, customers withdrawing from other banks’ ATMs will now pay ₦100 for every ₦20,000 withdrawn. Additionally, for off-site ATMs—those located outside bank premises, such as in shopping malls, eateries, and public spaces—an extra surcharge of up to ₦500 per ₦20,000 will apply, alongside the standard ₦100 withdrawal fee. The CBN explained that the review was necessary due to rising operational costs and the need to enhance ATM services nationwide. It noted that the move is expected to encourage further deployment of ATMs and ensure that financial institutions apply appropriate charges for the service.
CBN ends free withdrawals for customers using other banks’ ATMs
