Abuja, Nigeria — The Central Bank of Nigeria (CBN) has scrapped the three free monthly interbank ATM withdrawals, introducing new charges for customers using other banks’ ATMs.
This policy shift, set to take effect from March 1, 2025, was outlined in a circular issued by the CBN on February 10, 2025, and directed to all banks and financial institutions.
According to the circular, the provision allowing bank customers three free withdrawals per month on other banks’ ATMs, previously stated under Section 10.6.2 of the Guide to Bank Charges which has been discontinued.
With the new directive, customers withdrawing from another bank’s ATM will now be charged ₦100 per ₦20,000 transaction, with additional surcharges reaching up to ₦450. Similarly, ATM withdrawals made inside bank branches will also attract a ₦100 fee per ₦20,000 withdrawn. International ATM transactions will be subject to a cost-recovery charge equivalent to the fee imposed by the international acquirer.
The CBN explained that the revision is aimed at reducing operational expenses for banks while enhancing the efficiency and sustainability of ATM services nationwide.
Despite the policy change, the apex bank reassured the public of its commitment to maintaining financial system stability and promoting digital payment adoption as part of its broader efforts to modernize Nigeria’s banking sector.
By Taiwo Olatinwo |February 12, 2025.
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