The Central Bank of Nigeria (CBN) has announced that charges will now apply for customers withdrawing cash from Automated Teller Machines (ATMs) of banks other than their own. This decision was communicated in a circular dated February 10, 2025, addressed to all banks and financial institutions, and signed by the acting Director of the Financial Policy and Regulation Department, John Onojah.
According to the circular, the previous allowance of three free monthly withdrawals for customers using remote-on-us ATMs—those not affiliated with their bank—will no longer be in effect. The CBN stated, "The three free monthly withdrawals allowed for remote-on-us (other bank's customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply."
Effective March 1, 2025, customers withdrawing from ATMs of banks other than their own will incur a charge of ₦100 for every ₦20,000 withdrawn. Additionally, for off-site ATMs—those located outside a bank's premises, such as in shopping malls, eateries, and other public places—a surcharge of up to ₦500 will apply for every ₦20,000 withdrawn, in addition to the statutory ₦100 fee for withdrawals from other banks' ATMs.
The CBN has attributed these revised charges to the rising costs associated with ATM operations and the need to enhance the efficiency of ATM services throughout the country. The central bank emphasized that this review aims to accelerate the deployment of ATMs and ensure that appropriate fees are levied by financial institutions on consumers utilizing these services.
As the CBN implements these changes, customers are advised to consider the potential costs associated with using ATMs outside their banking networks.
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