Pat Stevens/
Effective March 1, 2025, the Central Bank of Nigeria (CBN) has announced the discontinuation of the three free monthly withdrawals previously allowed for customers using Automated Teller Machines (ATMs) of banks other than their own.
This policy change was outlined in a circular signed by John Onojah, the Acting Director of the Financial Policy and Regulation Department at the CBN.
Under the revised guidelines, customers will now incur charges for every withdrawal made at another bank’s ATM.
For ATMs located within a bank’s premises, customers will be charged ₦100 per ₦20,000 withdrawal. Similarly, for ATMs situated outside bank premises, a charge of ₦100 per ₦20,000 withdrawal will apply, along with an additional surcharge of up to ₦500.
The surcharge, which serves as income for the ATM deployer or acquirer, must be disclosed to customers at the point of withdrawal.
However, withdrawals made from a customer’s own bank’s ATM will remain free of charge. For international ATM withdrawals, customers will be charged at the exact rate set by the international acquirer.
The CBN stated that the revision is necessitated by rising operational costs and is aimed at improving the efficiency of ATM services in the banking sector.
It explained that the adjustments are essential to ensure the sustainability of ATM operations while maintaining service quality across the country.
The apex bank advised customers to take note of these changes and plan their transactions accordingly to avoid unexpected charges.
The CBN encourages bank customers to seek additional details from their respective banks or visit its official website for further clarification.
0