The Central Bank of Nigeria (CBN) has announced a revision in the transaction fees for Automated Teller Machines (ATMs), set to take effect from March 1, 2025. This decision was communicated in a circular signed by John Onojah, the Acting Director of the Financial Policy and Regulation Department of the CBN.
According to the regulatory body, the adjustment in fees aims to address the rising operational costs faced by banks and to enhance the overall efficiency of the banking sector. The move is expected to have a significant impact on both consumers and financial institutions, as the increased charges will help banks cope with the escalating costs of maintaining ATM infrastructure and improving services.
The CBN’s directive comes amid concerns about the sustainability of current banking operations and the need to align transaction charges with economic realities.
On-site ATMs: A charge of N100 per N20,000 withdrawal.
Off-site ATMs: A charge of A100 plus a surcharge of not more than N500 per N20,000 withdrawal.
On-Us (customer
withdrawing at the ATM of the customer’s financial institution) in Nigeria: No charge
With the new fees set to take effect in just a few weeks, customers are advised to stay informed about how the changes may affect their transactions and adjust their banking habits accordingly. The CBN has assured the public that the review is in line with its ongoing efforts to foster a more efficient and sustainable financial environment.
