The Central Bank of Nigeria (CBN) has eliminated the provision of free withdrawals for customers using Automated Teller Machines (ATMs) belonging to other banks. Previously, users were allowed three free withdrawals per month before incurring charges.
The CBN stated that this policy revision was necessary due to increasing operational costs and the need to enhance ATM service efficiency.
Under the new directive, the exemption for three free withdrawals under Section 10.6.2 of the Guide is no longer in effect. However, withdrawals from a customer’s own bank’s ATMs will remain free.
For transactions at another bank’s ATM within bank premises, customers will now be charged ₦100 per ₦20,000 withdrawal. For withdrawals made at ATMs located outside bank premises, an additional surcharge of up to ₦500 may apply, in addition to the standard ₦100 fee per ₦20,000 withdrawal.
The CBN clarified that the surcharge is the income of the ATM deployer or acquirer and must be transparently disclosed at the time of withdrawal.
For international ATM transactions, charges will be determined based on the specific rates set by the international acquirer.
A CBN circular dated February 10 outlined the changes, emphasizing that the fee adjustment aligns with efforts to cover rising costs and enhance the efficiency of ATM services across the banking sector. The new charges will take effect from March 1, 2025.
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