The Central Bank of Nigeria (CBN) has announced that starting March 1, 2025, charges will be applied when customers use Automated Teller Machines (ATMs) of banks other than their own.
This decision was communicated in a circular dated February 10, 2025, addressed to all banks and financial institutions by the CBN’s Acting Director of Financial Policy and Regulation, John Onojah.
According to the circular, the three free monthly withdrawals allowed for remote-on-us transactions (when customers use ATMs of other banks) under Section 10.6.2 of the Guide will no longer apply.
Under the new policy, customers withdrawing from their own bank’s ATMs will not incur any charges. However, for withdrawals made at ATMs of other banks, customers will be charged ₦100 for every ₦20,000 withdrawn.
Additionally, a surcharge of up to ₦500 per ₦20,000 will be applied to withdrawals made from off-site ATMs — those located outside a bank’s premises, such as in shopping malls and public places — on top of the ₦100 fee for using ATMs of other banks.
The CBN stated that the changes were introduced due to rising costs and the need to enhance the efficiency of ATM services across the country. The central bank believes these adjustments will encourage the expansion of ATM networks and ensure financial institutions apply appropriate charges to consumers.
