Skip to content
The Central Bank of Nigeria (CBN) will implement new ATM transaction fees starting March 1, 2025. The changes, announced today, aim to cover increased operational costs for banks.
The revised fees affect withdrawals made at ATMs. Customers using their own bank’s ATMs will continue to have free withdrawals. However, withdrawals from on-site ATMs at their own bank will now cost N100 per N20,000. Using another bank’s ATM (“Not-on-Us” transactions) will incur an N100 fee plus a potential surcharge up to N450 per N20,000 withdrawal.
John Onojah, Acting Director of the Financial Policy and Regulation Department, stated the changes address rising costs and improve ATM service efficiency. This is the first revision to ATM transaction fees since 2019, when the withdrawal fee was reduced from N65 to N35.
The CBN clarified that the surcharge is revenue for the “ATM deployer/acquirer” and must be disclosed to customers before they withdraw. The Bank stated: “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services…the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees…”
The CBN directs all financial institutions to comply with the new ATM transaction fees guidelines before the March 1, 2025, implementation date. The new fees are designed to reflect the actual cost of providing ATM services across the banking sector.
