CBN increases ATM withdrawal charges

The Central Bank of Nigeria (CBN) has announced new fees pertaining to the use of Automated Teller Machines (ATMs).

This announcement was disseminated through a circular that bears the signature of the acting director of the financial policy and regulation department of the apex bank, John Onojah.

The amended charges are scheduled to come into effect on March 1.

The CBN has stated that this measure aims to mitigate escalating operational expenditures and to augment the overall efficiency within the banking sector.

It has indicated that this review aligns with Section 10.7 of the ‘CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020)’.

The last revision of ATM transaction fees occurred in 2019, during which the CBN reduced the withdrawal fee from N65 to N35.

Pursuant to this new directive, customers engaging in withdrawals from their own bank’s ATMs (termed on-us transactions) will continue to benefit from complimentary withdrawals.

Conversely, a fee of N100 will be imposed for every N20,000 withdrawal conducted at on-site ATMs (those situated at bank branches).

For withdrawals executed at ATMs belonging to different banks (designated as not-on-us transactions), an off-site withdrawal will incur a charge of N100, in addition to a surcharge that may reach up to N450 for every N20,000 withdrawal.