The Central Bank of Nigeria issued a circular to all banks and other financial institutions revising Automated Teller Machine (ATM) transaction fees set out in the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020), citing rising costs and the need to improve ATM service efficiency. The changes take effect from March 1, 2025 and include new pricing for withdrawals at another institution’s ATM and the removal of the existing three free monthly withdrawals for other banks’ customers. On-Us withdrawals in Nigeria (a customer using their own institution’s ATM) remain free of charge. For Not-On-Us withdrawals in Nigeria, on-site ATMs attract a fee of NGN 100 per NGN 20,000 withdrawal, while off-site ATMs attract NGN 100 plus a surcharge capped at NGN 500 per NGN 20,000 withdrawal; the surcharge (income of the ATM deployer/acquirer) must be disclosed to the consumer at the point of withdrawal. International withdrawals are to be charged on a cost-recovery basis, reflecting the exact charge levied by the international debit or credit card acquirer.
Central Bank of Nigeria 2025-02-10
Central Bank of Nigeria revises ATM transaction fees with NGN 100 per NGN 20,000 charges and ends free monthly withdrawals for other banks’ customers
The Central Bank of Nigeria has revised ATM transaction fees in its Guide to Charges, effective March 1, 2025, due to rising costs and the need for improved service efficiency. On-Us withdrawals remain free, while Not-On-Us withdrawals incur fees of NGN 100 per NGN 20,000, with additional surcharges for off-site ATMs. International withdrawals will be charged on a cost-recovery basis.