this Nigeria Central Bank (CBN) has confirmed that withdrawals of less than 20,000 from another bank’s automated teller machine (ATM) will still charge a 100 fee per transaction.
Naija News The report said the latest development was included in a FAQ document released on the CBN website on Thursday, clarifying that the new ATM transaction fees will take effect from March 1, 2025, as stated in the February 10, 2025 circular.
Under the revised structure, withdrawals of ATMs belonging to the bank will remain free, but customers using other bank ATMs will charge 100 fresh₦20,000 or less per withdrawal of on-site ATMs (located within the bank house).
On-site ATMs, such as ATMs found in shopping malls and gas stations, will attract surcharges up to 500 per transaction.
For international ATM withdrawals, the fees will be based on cost recovery, which means that the client will bear the exact costs of the international acquirer.
According to Apex Bank, the 100 charges for ₦ withdrawal are ₦20,000, designed to prevent customers from dividing withdrawals into smaller amounts to avoid fees.
The FAQ document has been read, “Yes, if you withdraw less than N20,000 from another bank (a bank other than the one that issues the payment card), you will be charged N100.
“In other words, ATM transactions will incur a base fee of N100 per transaction. It is also important to note that the tiered fee structure will apply to transactions above N20,000 and subsequently withdraw the additional charges of N20,000 or a portion thereof. .”
