CBN stops free withdrawals for customers using other banks’ ATMs.
The Central Bank of Nigeria (CBN) has announced that consumers would henceforth be charged whenever they use Automated Teller Machines (ATMs) from banks other than their own.
This was stated in a circular dated February 10, 2025, written to all banks and financial institutions by the apex bank’s acting Director of Financial Policy and Regulation Department, John Onojah.
“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,” the circular purported to say.
The CBN directed banks and other financial institutions to implement the following charges beginning March 1, 2025.
Customers withdrawing from other banks’ ATMs will be taxed ₦100 for every ₦20,000, according to the apex bank. Customers withdrawing from their own banks and financial institutions will not be charged.
HAPPY BIRTHDAY, SIR
HIS EXCELLENCY, RT. HON. AHMADU UMARU FINTIRI
HAPPY 59TH BIRTHDAY, YOUR EXCELLENCY! The Governing Council, Management, Staff and entire University Community of Adamawa State University, Mubi, heartily felicitate with Your Excellency on the joyous occasion of your 59th birthday. We celebrate your commitment to educational advancement and the development of Adamawa State. May Almighty God grant you sound health, divine wisdom, long life and greater accomplishments. Happy 59th Birthday, Your Excellency!
Professor Clement Augustine, Vice Chancellor, ADSU, Mubi
The CBN will charge a surcharge of up to ₦500 per every ₦20,000 for off-site ATMs, such as those at shopping malls, eateries, and public places. This is in addition to the statutory ₦100 fee for withdrawals by customers of other banks’ ATMs.
The top bank ascribed the reviewed charges to rising costs and the need to improve the operation of the country’s ATMs.
“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” according to the circular.