New ATM Charges: Withdrawing Less Than ₦20,000? From Other Banks! Comes With Charges

New ATM Charges: Withdrawing Less Than ₦20,000? From Other Banks! Comes With Charges

The Central Bank of Nigeria (CBN) has announced that withdrawals of less than ₦20,000 from ATMs belonging to other banks will incur a ₦100 fee per transaction.

According to an FAQ document published on the CBN website, the new charges will take effect from March 1, 2025, as outlined in a circular dated February 10, 2025.……READ MORE 

Under the revised structure, withdrawals from an individual’s own bank ATM will remain free, while off-site ATMs—such as those in malls or fuel stations—may attract an additional surcharge of up to ₦500 per transaction.

For international withdrawals, customers will pay fees based on cost recovery, meaning they will bear the exact charges applied by the international acquirer.

The CBN stated that the ₦100 charge on withdrawals below ₦20,000 is designed to prevent users from splitting transactions to evade fees. The new policy introduces a tiered structure, with an additional ₦100 charged for every ₦20,000 withdrawn beyond the initial amount.