CBN Enforces New ATM Withdrawal Charges, Banks Revise Fees

Samuel Mobolaji

The Central Bank of Nigeria (CBN) has enforced revised ATM withdrawal charges effective March 1, 2025, impacting how customers access cash across the country. Under the new policy, customers can still withdraw cash from their bank’s ATMs without charges, but transactions at other banks’ ATMs now attract fees.

Withdrawals at ATMs within bank premises will incur a charge of N100 per N20,000, while withdrawals at ATMs outside bank premises will attract N100 per N20,000 plus a surcharge of up to N500. International ATM withdrawals will reflect the fees set by the international bank handling the transaction.

In compliance with the directive, banks across Nigeria have begun adjusting their ATM withdrawal charges. FirstBank announced that while withdrawals from its own ATMs remain free, customers using other banks’ ATMs will face the revised charges in line with the CBN’s policy.

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Other banks have also begun implementing the changes, ensuring their ATMs are stocked with cash to meet expected demand. The new charges are part of efforts to address rising operational costs and enhance ATM service efficiency, with the CBN aiming to encourage the deployment of more ATMs while ensuring fair and transparent charges for customers.

The removal of previously free withdrawals at other banks’ ATMs has sparked mixed reactions. Some customers have raised concerns over the increased costs, especially for those with limited access to their bank’s ATMs, while others see potential benefits such as improved ATM availability and better service quality.

As these changes take effect, customers are advised to plan their cash withdrawals carefully to minimize additional fees, with digital banking and mobile payment options offering alternatives to ATM transactions.

The CBN and financial institutions will continue to monitor the impact of the new charges on customer behavior and the overall efficiency of cash distribution across the country.