The Central Bank of Nigeria (CBN) has announced that, effective March 1, 2025, customers withdrawing less than ₦20,000 from another bank’s Automated Teller Machine (ATM) will incur a fee of ₦100 per transaction. This policy aims to prevent customers from splitting withdrawals into smaller amounts to avoid fees.
The CBN has also warned banks against limiting ATM withdrawals to less than ₦20,000 per transaction. Any bank found imposing such restrictions, despite customers having sufficient funds, will face sanctions. Customers experiencing this issue are encouraged to report to the CBN via [email protected].
Additionally, the CBN has removed the previous allowance of three free monthly withdrawals for customers using other banks’ ATMs. Now, all withdrawals from another bank’s ATM will attract the stipulated charges.
To minimize transaction fees, the CBN advises customers to use their own bank’s ATMs for withdrawals. Furthermore, exploring alternative payment methods such as mobile banking applications, Point of Sale (POS) terminals, and electronic transfers can help reduce reliance on cash withdrawals and associated costs.
