- Safiu Kehinde
The Central Bank of Nigeria (CBN) has reviewed the Automated Teller Machine (ATM) transaction fee which would see Nigerians pay more for withdrawal from the 1st of March 2025.
This was disclosed in a circular issued by the CBN to all banks and other financial institutions on Monday.
The CBN attributed the review to rising costs and need to improve efficiency of the ATM.
As contained in the circular, no charges deduction for withdrawal from a customer’s bank ATM.
However, withdrawal from other banks’ ATM will see N100 deduction per N20,000 withdrawal at on-site ATMs while withdrawal from off-site ATMs will attract N100 charge plus N500 surcharge per N20,000.
“On-site ATMs: A charge of N100 per N20,000 withdrawal.
“Off-site ATMs: A charge of A100 plus a surcharge of not more than N500 per N20,000 withdrawal.
“On-Us (customer
withdrawing at the ATM of the customer’s financial institution) in Nigeria: No charge” the circular partly read.