The New Fees : CBN ATM Charges – Effective March 1, 2025

The New Fees : CBN ATM Charges – Effective March 1, 2025

The Central Bank of Nigeria (CBN) has announced the introduction of new charges for ATM transactions, which will take effect starting from March 1, 2025. The updated fee structure is as follows:

1. On-site ATMs (ATM within the Bank's Premises):

   • A fee of ₦100 will be charged for any withdrawal up to ₦20,000.

2. Off-site ATMs (ATM outside the Bank's Premises):

   • A base fee of ₦100 will be charged, with an additional fee that may not exceed ₦500 on withdrawals up to ₦20,000.

3. On-Us Transactions (ATM transactions for customers withdrawing from their own bank's ATM):

   • No charge will be applied if the customer is withdrawing from the ATM of the bank where they hold their account.

This new system aims to bring about fairness and standardization in the financial transactions of Nigerians, ensuring transparency and a uniform approach to ATM fees across the country.

These changes are expected to provide clarity in transaction costs and ease the burden on customers using various ATM machines.