The Central Bank of Nigeria (CBN) has announced a revision of automated teller machine (ATM) transaction fees, set to take effect from March 1, 2025.
In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the CBN stated that the adjustment aims to address rising operational costs and improve efficiency in the banking sector.
On-site ATMs (ATMs located within a bank’s premises): N100 fee per N20,000 withdrawal.
Off-site ATMs (ATMs outside bank premises): N100 fee + a surcharge of up to N500 per N20,000 withdrawal.
On-Us Transactions (customers withdrawing from their bank’s ATM): No charge.
The CBN emphasized that the new policy is part of broader reforms aimed at enhancing financial services and ensuring sustainability in the banking sector.
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