Reports have revealed that banks are loading their ATMs with cash as they began charging N100 for transactions on March 1,2025.
In a circular dated February 10,2025 realeased by the Central Bank, under the revised fee structure, withdrawals from one’s bank ATMs will remain free of charge.
However, customers using ATMs of other banks will be subjected to a charge of N100 per withdrawal of N20,000 or less at on-site ATMs, which are located within or directly affiliated with a bank branch.
Off-site ATMs, which are positioned outside bank premises such as shopping malls, fuel stations, and other public spaces, will attract an additional surcharge of up to N500 per transaction.
For international ATM withdrawals, charges will be based on cost recovery, meaning customers will pay the exact fee applied by the international acquirer. CBN also clarified that Nigerians withdrawing less than N20,000 from another bank’s ATM will still be charged a fee of N100 per transaction.
