No more Free ATM Transaction: CBN introduced new charges for ATM withdrawals

On February 11, 2025, several updates regarding the Central Bank of Nigeria (CBN)

ATM Withdrawal Charges: The CBN has introduced new charges for ATM withdrawals, signaling the end of free withdrawals. 

This has been met with significant public reaction, indicating potential financial strain for regular bank customers.

Transaction Fees: There are indications that new transaction fees will be introduced starting from March 1st, as per some notifications received by individuals. 

This move is perceived by some as another financial burden on citizens.

These updates reflect the CBN's ongoing adjustments to monetary policies, which appear to be aimed at managing the banking sector's operations and financial stability but are causing concern regarding the cost of banking services for the general public.

According to Recent Update From Central Bank of Nigeria (CBN): CIRCULAR TO ALL BANKS AND OTHER FINANCIAL Institution

REVIEW OF AUTOMATED TELLER Machine Transaction FEES

in response to rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN)has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020(the Guido).

This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service Accordingly. banks and other financial institutions are advised to apply the following fees with effect from March 1.2025