The Central Bank of Nigeria (CBN) has revealed new transaction fees for automated teller machines (ATMs), set to take effect on March 1. In a circular issued by John Onojah, the acting director of the Financial Policy and Regulation Department, the revisions aim to address rising operational costs in the banking sector.
Customers withdrawing from their own bank’s ATMs will continue to enjoy free withdrawals. However, a fee of N100 will now apply for every N20,000 withdrawn at ATMs located at bank branches. For withdrawals made at ATMs of other banks, customers will encounter a fee of N100 plus an additional surcharge of up to N450 per N20,000 withdrawal.
The CBN clarified that the surcharge is revenue for the ATM deployer and must be disclosed to consumers at the time of withdrawal. For international transactions using debit or credit cards, banks are permitted to charge a cost-recovery fee equivalent to the amount charged by the international acquirer.
Additionally, the previously allowed three free monthly withdrawals for customers using other banks’ ATMs will no longer apply. The last adjustment to ATM transaction fees was made in 2019 when the CBN lowered withdrawal fees from N65 to N35. These latest changes aim to enhance efficiency within the banking system while responding to the current economic climate.
