The Central Bank of Nigeria (CBN) has announced that bank customers will now be charged whenever they withdraw cash from ATMs of banks other than their own.

In a circular dated February 10, 2025, and signed by John Onojah, the acting Director of Financial Policy and Regulation Department, the apex bank stated that the existing rule allowing three free withdrawals per month on other banks’ ATMs has been abolished.

With effect from March 1, 2025, customers withdrawing from ATMs of banks other than their own will now be charged ₦100 per ₦20,000 withdrawn.

For off-site ATM machines located in shopping malls, eateries, and other public places an additional surcharge of up to ₦500 per ₦20,000 will apply, alongside the ₦100 statutory fee.

The CBN attributed the new charges to rising operational costs and the need to enhance the efficiency and availability of ATMs across the country.

“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,” the circular stated.