The Central Bank of Nigeria has urged banks to ensure that their customers have access to cash at their Automated Teller Machines as the increase in ATM transaction fees takes effect on March 1.
This was disclosed by the Acting Director, Financial Policy and Regulation Department, John Onoja, during an interview on Arise TV on Tuesday, where he talked about the apex bank’s latest directive on ATM transactions.
In a CBN circular dated February 10, 2025, the apex bank released the revised ATM transaction fees. Under the revised fee structure, withdrawals from one’s bank ATMs will remain free of charge.
However, customers using ATMs of other banks will be subjected to a charge of N100 per withdrawal of N20,000 or less at on-site ATMs, which are located within or directly affiliated with a bank branch.
Off-site ATMs, which are positioned outside bank premises such as shopping malls, fuel stations, and other public spaces, will attract an additional surcharge of up to N500 per transaction.
For international ATM withdrawals, charges will be based on cost recovery, meaning customers will bear the exact fee applied by the international acquirer.
