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The Central Bank of Nigeria (CBN) has increased the transaction charges on Automated Teller Machines (ATM), citing rising operational costs and the need to enhance banking services.
Following this revision, customers will now pay more for cash withdrawals at ATMs, particularly for transactions involving other banks.
This was contained in a circular signed by Acting Director of the Financial Policy and Regulation Department of the apex bank, John Onojah on Tuesday.
The CBN confirmed that the new charges will take effect from March 1, 2025.
This marks the first adjustment since 2019 when withdrawal fees were reduced from N65 to N35.
The CBN emphasised that the surcharge for withdrawals at ATMs of different banks “is the income of the ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”
According to CBN, “In response to rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020. (the Guide).
“This review aims to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.
“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025,” the circular reads.
