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CBN introduces new fees for automated teller machine (ATM) transactions.
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These fees will be effective on March 1, 2025 and will allow customers to pay N100 fees on ATMs of other banks.
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Withdrawals from bank ATMs will remain free under the revised fee structure.
Commercial banks across the country have begun charging N100 for N100, and the transaction is today on March 1, 2025, after March 1, following the guidance issued by the Central Bank of Nigeria (CBN) today.
Apex Bank issued the revised ATM transaction fees in a circular dated February 10, 2025.
Withdrawals from bank ATMs will remain free under the revised fee structure.
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However, customers using other bank ATMs will withdraw N2,000 or less N100 charges on the on-site ATMs (located within or directly associated with the bank branch).
Onsite ATMs are located outside banking sites such as shopping malls, gas stations and other public places, which will attract surcharges up to N500 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.
CBN later revealed that Nigerians with less than N20,000 from another bank’s ATM will still charge N100 per transaction.
Apex Bank’s decision was backed by “rising costs and the need to improve the efficiency of ATM services in the banking industry” and has been opposed in several quarters.
The Socio-Economic Rights and Accountability Project (SERAP) sued CBN for “failing to reverse the apparently illegal, unfair, unreasonable, unreasonable and unjust increase in ATM transaction fees”.
Serap urged the governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, to use his “leadership immediately withdraws the ATM transaction fee improperly increased”.
Serap also urged him to “ensure that the exercise of the CBN’s legal powers and functions does not cause pain to poor Nigerians and promote human rights violations”.
In lawsuit number FHC/L/CS/344/2025 filed in the Federal High Court last Friday, Lagos asked the court to determine whether “the decision of CBN to increase the ATM transaction fees is not arbitrary, unfair, unreasonable, and contrary to the provisions of the Federal Competition and Consumer Protection Act 2018.”
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One technology entrepreneur, Tope Dare, also warned that the CBN decision would hurt low-income Nigerians while benefiting wealthier people.
“This policy ultimately benefits those who have the ability to withdraw larger sums, while smaller Nigerians bear the brunt. For many low-income and small business owners, N5,000 or N10,000 need to be withdrawn once a day. Now they face unfair allegations that wealthier Nigerians can easily avoid,” he said.
Meanwhile, John Onoja, acting director of the Department of Financial Policy and Supervision, urged banks to ensure that their customers can get cash on their ATMs to avoid incurring ATM transaction fees.
CBN warns banks not to limit ATM withdrawals to below ₦20,000
The Central Bank of Nigeria (CBN) threatens to impose a penalty of less than ₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦₦
This is disclosed in the “Q&A” interpreter released by the Supreme Bank.
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