The Central Bank of Nigeria (CBN) announced higher ATM withdrawal fees. These fees affect Automated Teller Machines (ATMs) at commercial banks. A CBN circular said the extra charges start March 1, 2025. The CBN gave two reasons: rising operational costs and a need for better banking services. The CBN said, “We reviewed ATM transaction fees because of rising costs and to improve ATM service efficiency.”
New CBN Policy: ATM Withdrawal Fees
The review has two goals. It wants to increase ATM deployment. It wants banks to charge consumers fair fees.
The CBN ordered banks and financial institutions to follow the new rule. The CBN stated, “Banks and financial institutions must apply these fees starting March 1, 2025.” Consumers will probably discuss how to reduce these increased ATM withdrawal fees.
The extra charges are the first change since 2019. Withdrawal fees decreased from N65 to N35 in 2019. The CBN said the charge for using another bank’s ATM goes to the ATM owner. Banks must show this fee to consumers. Banks may need to update information for customers. The updates should explain these ATM withdrawal fees.
The increase will affect customers. Customers who withdraw cash at ATMs will pay more. This is especially true for transactions at other banks. Customers should withdraw less often. Customers should use their own bank’s ATM. Using POS systems instead of ATMs can reduce ATM withdrawal fees.
