Central Bank of Nigeria, CBN, on Monday, 10 February 2025, announced fresh guidelines for the use of Automated Teller Machines, ATMs.
The details of the guidelines were contained in a circular to all Nigerian Banks, signed by the apex bank’s Acting Director of Financial Policy and Regulation Department, John Onojah.
Daily Post, outlines three key things bank customers should know about the new ATM withdrawal guidelines.
Increase in on-site ATM withdrawal charges
According to the new guidelines, from 1 March 2025, bank customers will be charged N100 per N20,000 ATM withdrawal from another bank’s ATM located within the bank’s premises.
This means the CBN has abolished the three free monthly withdrawals previously allowed under its former ATM policy.
Hike in off-site ATM withdrawal charges
Similarly, for withdrawals made at off-site ATMs—those located outside bank branches, such as in shopping malls, airports, petrol stations, and convenience stores—a charge of N100 per N20,000 withdrawal will apply, along with a surcharge of up to N500.
Zero charges for ATM withdrawals at customers’ own banks
Meanwhile, there will be no charges for ATM withdrawals made at a customer’s own bank.
This means customers withdrawing cash from an ATM belonging to their bank will not incur any fees.
The policy takes effect in March 2025.
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