The Central Bank of Nigeria (CBN) has confirmed that Automated Teller Machine (ATM) withdrawals of less than ₦20,000 from another bank will still incur a ₦100 fee per transaction.
OsunDailyNG reports that the latest development was contained in an FAQ document published on the CBN website on Thursday, clarifying the new ATM transaction fees set to take effect from March 1, 2025, as outlined in a circular dated February 10, 2025.
Under the revised structure, withdrawals from ATMs belonging to one’s bank will remain free, but customers using other banks’ ATMs will be charged ₦100 per withdrawal of ₦20,000 or less at on-site ATMs (located within bank premises).
Off-site ATMs, such as those found in shopping malls and fuel stations, will attract an additional surcharge of up to ₦500 per transaction.
For international ATM withdrawals, charges will be based on cost recovery, meaning customers will bear the exact fee applied by the international acquirer.
According to the apex bank, the ₦100 charge on withdrawals below ₦20,000 is intended to prevent customers from splitting withdrawals into smaller amounts to avoid fees.
The FAQ document read, “Yes, the fee of N100 will apply if you withdraw less than N20,000 from another bank (a bank other than the one that issued your payment card).
“In other words, ATM transactions will incur a base fee of N100 per transaction. It is also important to note that a tiered fee structure will apply for transactions exceeding N20,000, with an additional N100 charged for each subsequent withdrawal of N20,000 or portion thereof.”
