The Central Bank of Nigeria (CBN) has reaffirmed that ATM withdrawals below ₦20,000 from another bank’s machine will attract a ₦100 fee per transaction.....KINDLY READ THE FULL STORY HERE▶
This update was detailed in an FAQ document published on the CBN website on Thursday, clarifying the new ATM transaction charges set to take effect from March 1, 2025, as outlined in its February 10, 2025 circular.
According to the revised policy:
- Withdrawals from ATMs owned by a customer’s bank remain free.
- Transactions at other banks’ ATMs will attract a ₦100 charge per withdrawal of ₦20,000 or less if done at on-site ATMs (within bank premises).
- Off-site ATMs, such as those in shopping malls or fuel stations, may attract an additional surcharge of up to ₦500 per withdrawal.
- International ATM withdrawals will be charged based on cost recovery, meaning customers will pay fees set by the international acquirer.
The CBN explained that the ₦100 charge on withdrawals below ₦20,000 aims to discourage customers from breaking withdrawals into smaller amounts to bypass transaction fees.
The FAQ document clarified:
“Yes, the ₦100 fee will apply if you withdraw less than ₦20,000 from another bank’s ATM (not the one that issued your payment card). In other words, ATM transactions will have a base fee of ₦100 per transaction. A tiered fee structure will apply for withdrawals above ₦20,000, with an additional ₦100 charged for every subsequent ₦20,000 or fraction thereof.”