The Central Bank of Nigeria (CBN) has announced that customers will now be charged when they use Automated Teller Machines (ATMs) that do not belong to their banks.
In a circular dated February 10, 2025, and addressed to all banks and financial institutions, the CBN stated that the previous policy allowing three free monthly withdrawals from other banks’ ATMs has been discontinued. The directive, signed by the acting Director of Financial Policy and Regulation, John Onojah, takes effect from March 1, 2025.
Under the new policy, customers withdrawing from ATMs owned by their banks will not incur charges. However, those using other banks’ ATMs will pay ₦100 for every ₦20,000 withdrawn. Additionally, for withdrawals at off-site ATMs—such as those in shopping malls, eateries, and other public places—a surcharge of up to ₦500 per ₦20,000 will be applied alongside the ₦100 fee.
The CBN attributed the change to rising operational costs and the need to improve ATM service efficiency across the country. The policy, it noted, aims to encourage wider ATM deployment and ensure financial institutions apply appropriate service charges.
