The Central Bank of Nigeria (CBN) has announced that customers will now incur charges when using Automated Teller Machines (ATMs) of banks other than their own.
This update was communicated through a circular dated February 10, 2025, addressed to all banks and financial institutions. The circular was signed by John Onojah, the acting Director of the CBN’s Financial Policy and Regulation Department.
“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the circular partly read.
The Central Bank of Nigeria (CBN) clarified that customers using ATMs of their own banks or financial institutions will not incur any charges. However, withdrawals made from the ATMs of other banks will now attract a fee of ₦100 for every ₦20,000 withdrawn.
The CBN said for off-site ATMs — automated teller machines not on a bank’s premises – like those at shopping malls, eateries and other public places — a surcharge of not more than ₦500 per every ₦20,000 will apply in addition to the statutory ₦100 fee for withdrawals by customers of other banks’ ATMs.
The apex bank attributed the reviewed charges to rising costs and the need to improve the efficiency of ATM services in the country.
Details Later…