The Central Bank of Nigeria (CBN) has introduced new withdrawal charges from Automated Teller Machines (ATMs).
This is coming at a time Nigerians are grappling with economic hardship.
The new policy is set to take effect from March 1, 2025.
CBN in a circular issued by its acting Director of Financial Policy and Regulation Department, John Onojah, said the review of ATM transaction fees is aimed at addressing rising costs and improving efficiency in the banking sector.
While the apex bank is eliminating free interbank transactions, it however imposes additional fees on withdrawals at bank-branch ATMs.
Under the new policy, withdrawals from ATMs belonging to a customer’s bank will remain free.
However, customers withdrawing from ATMs located at bank branches will now be charged ₦100 per ₦20,000 withdrawn.
For those using ATMs of other banks, the new regulation imposes a ₦100 fee per ₦20,000 withdrawal, along with an additional surcharge of up to ₦450.
The CBN emphasised that the surcharge will serve as income for the ATM deployer and must be clearly disclosed to customers at the point of withdrawal.
International withdrawals using debit or credit cards will also attract a cost-recovery charge equivalent to the exact amount charged by the international acquirer.
Additionally, the CBN has scrapped the three free monthly withdrawals previously allowed for customers using ATMs of other banks, meaning all interbank ATM transactions will now attract charges.
According to the CBN, the new changes will enhance ATM accessibility and improve banking services.
