The Central Bank of Nigeria published FAQs on its review of automated teller machine (ATM) transaction fees, setting a revised charging structure that keeps cash withdrawals at a customer’s own bank’s ATMs free while introducing capped fees for withdrawals at other banks’ ATMs from March 1, 2025. Under the circular on the “Review of Automated Teller Machine Transaction Fees”, on-us withdrawals remain free regardless of whether the bank’s ATM is on-site or off-site. Not-on-us (remote-on-us) withdrawals attract a base fee of NGN 100 per transaction for withdrawals up to NGN 20,000, and a tiered structure for larger withdrawals with an additional NGN 100 for each subsequent NGN 20,000 or part thereof. For on-site ATMs (located within or directly affiliated with a bank branch) the base fee applies; for off-site ATMs (outside bank premises) it applies plus a surcharge of up to NGN 500, which must be displayed on-screen before transaction approval. The three free monthly remote-on-us withdrawals are discontinued, international withdrawals are charged on a cost-recovery basis with the international acquirer’s fee passed through, and banks and other financial institutions may not exceed the prescribed caps. Banks are expected to allow customers to withdraw up to NGN 20,000 per transaction, with breaches subject to sanction and reportable to the Central Bank of Nigeria.
Central Bank of Nigeria 2025-02-12
Central Bank of Nigeria revises ATM withdrawal fees effective March 2025 with NGN 100 off-us charge and capped off-site surcharge
The Central Bank of Nigeria revised ATM fees, keeping free withdrawals at a customer's bank's ATMs and capping fees for other banks' ATMs from March 1, 2025. Not-on-us withdrawals will have a base fee of NGN 100 for amounts up to NGN 20,000, with extra charges for larger amounts. International withdrawals will be charged on a cost-recovery basis, and banks must follow prescribed caps.