Nigerian Banks Enforce New ATM Withdrawal Charges
Nigerian banks have begun implementing new withdrawal charges for Automated Teller Machines (ATMs) as directed by the Central Bank of Nigeria (CBN). The charges, which took effect on Saturday, March 1, 2025, apply to customers using ATMs of banks other than their own.
Under the new policy announced by the CBN on February 11, customers will be charged ₦100 for using other banks’ ATMs, while a ₦450 surcharge applies when withdrawing cash from an offsite ATM that is not located within the bank’s premises. However, ATM withdrawals from a customer’s own bank remain free of charge.
Observations from major cities, including the Federal Capital Territory, confirm that banks have started enforcing the new charges, in line with the CBN’s directive.
Reacting to the development, the President of the Bank Customers’ Association of Nigeria, Dr. Uju Ogunbunka, acknowledged the commencement of the charges and described them as an additional financial burden on Nigerians.
“The ATM withdrawal charges, as announced by the CBN, have commenced. Definitely, this is another burden Nigerians have to contend with,” he said.
The implementation has sparked mixed reactions among bank customers, with many expressing concerns over the increasing cost of financial transactions in the country.
