The Central Bank of Nigeria (CBN) has rolled out fresh guidelines on Automated Teller Machine (ATM) withdrawals, set to take effect from March 1, 2025.
NaijaReporter understands the revised policy was detailed in a circular issued to Nigerian banks, signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah.
Here are three key points bank customers should take note of:
1. Charges for On-Site ATM Withdrawals
Under the new guidelines, customers using an ATM at a different bank’s branch will be charged ₦100 for every ₦20,000 withdrawn. This marks a departure from the previous policy, which allowed three free interbank ATM withdrawals per month.
2. Increased Fees for Off-Site Withdrawals
Withdrawals made at off-site ATMs—such as those in shopping malls, fuel stations, and other public locations—will attract a ₦100 fee per ₦20,000 withdrawal, along with an additional surcharge of up to ₦500.
3. Free Withdrawals at Own Bank’s ATMs
Customers will not be charged for withdrawing cash from ATMs operated by their own bank. This ensures that customers can access funds at no cost when using their bank’s ATM network.
The new policy aims to streamline ATM usage while encouraging customers to use their bank’s ATMs to minimize charges.