With the fresh guidelines for the use of Automated Teller Machines, ATM announced by the Central Bank of Nigeria, there are three key issues you have to know.
Recall that the Central Bank of Nigeria, CBN, on Monday, February 10, 2025, announced new guidelines for the use of the ATM across the country.
The details of the guidelines were contained in a circular to all Nigerian banks. And it was signed by CBN’s acting Director of the Financial Policy and Regulation Department, John Onojah.
However, there are three key issues bank customers need to know about the new ATM withdrawal guidelines.
the First is the increase in on-site ATM withdrawal charges
According to the new guidelines, from 1 March 2025, bank customers will be charged N100 per N20,000 ATM withdrawal. The charge will apply to ATMs from another bank’s ATM located within the bank’s premises. This means the apex bank has abolished the three free monthly withdrawals previously allowed under its former ATM policy.
Secondly, hike in off-site ATM withdrawal charges
Similarly, for withdrawals made at off-site ATMs—those located outside bank branches, such as in shopping malls, airports, petrol stations, and convenience stores—a charge of N100 per N20,000 withdrawal will apply, along with a surcharge of up to N500.
Thirdly, zero charges for ATM withdrawals at customers’ own banks
Meanwhile, there will be no charges for ATM withdrawals made at a customer’s own bank. This means customers withdrawing cash from an ATM belonging to their bank will not incur any fees.
According to the directive, the policy takes effect in March 2025.
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