The Central Bank of Nigeria (CBN) has announced new guidelines for Automated Teller Machine (ATM) withdrawals, set to take effect from March 1, 2025. Here are the key points:
- Increase in On-Site ATM Withdrawal Charges: From March 2025, customers will incur a charge of N100 for every N20,000 withdrawn from another bank’s ATM located within the bank’s premises. This replaces the previous policy, which allowed three free withdrawals per month.
- Hike in Off-Site ATM Withdrawal Charges: For withdrawals from ATMs outside bank branches (such as in malls, airports, or petrol stations), customers will face a charge of N100 per N20,000, with an additional surcharge of up to N500.
- Zero Charges for ATM Withdrawals at Own Banks: No fees will apply when customers withdraw from ATMs belonging to their own bank.
These changes will be implemented from March 2025.
