On Monday, February 10, 2025, the Central Bank of Nigeria (CBN) introduced new guidelines regarding the use of Automated Teller Machines (ATMs).
These guidelines were detailed in a circular sent to all banks in Nigeria, signed by John Onojah, the acting Director of the Financial Policy and Regulation Department at the CBN.
This report highlights three important points that bank customers should be aware of regarding the updated ATM withdrawal policies.
Increased Charges for On-Site ATM Withdrawals
Starting March 1, 2025, customers will incur a fee of N100 for every N20,000 withdrawn from another bank’s ATM located on the bank’s premises. This change means that the previous allowance of three free withdrawals per month has been eliminated.
Increase in fees for off-site ATM withdrawals
In a similar vein, withdrawals conducted at off-site ATMs—those situated outside of bank branches, including locations like shopping malls, airports, gas stations, and convenience stores—will incur a fee of N100 for every N20,000 withdrawn, in addition to a surcharge of up to N500.
No fees for ATM withdrawals at customers’ own banks
On the other hand, customers will not face any charges for ATM withdrawals made at their own bank. This means that withdrawing cash from an ATM affiliated with their bank will be completely free of fees.
This policy will be implemented starting in March 2025.
