CBN introduces new charges for cash withdrawal

The Central Bank of Nigeria (CBN) has announced changes to ATM transaction fees, set to begin on March 1, 2025.

The adjustment comes as part of efforts to manage rising operational costs and improve banking services.

However, a ₦100 charge will apply to every ₦20,000 withdrawal at on-site ATMs inside bank branches.

Under the new rules, customers using their bank’s ATMs can still withdraw cash for free.

For withdrawals at ATMs of other banks, customers will pay ₦100 plus an additional surcharge of up to ₦450 per ₦20,000 transaction.