The Central Bank of Nigeria (CBN) has announced a revision of transaction fees for automated teller machines (ATMs), focusing on the fees outlined in Section 10.7 of the current CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020.
This update was communicated in a circular dated February 10, 2025.
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The directive, signed by John S. Onojah, Acting Director of the Financial Policy and Regulation Department, was published on the CBN’s website on Tuesday.
It applies to all banks and financial institutions operating in Nigeria and will take effect from March 1, 2025.
The circular specifies that withdrawals from a customer’s own bank’s ATMs will remain free of charge, while customers using ATMs from other financial institutions within Nigeria will incur a fee of N100, plus a surcharge of up to N500 for every N20,000 withdrawn.
The surcharge, which is retained by the ATM deployer/acquirer, must be disclosed to the customer at the time of withdrawal.
For international withdrawals (via debit or credit card), the fee will be set according to the charge by the international acquirer.
The circular states that this review aims to encourage wider ATM deployment and ensure that financial institutions apply the correct charges to consumers using the service.
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