The Central Bank of Nigeria (CBN) has reviewed transaction fees for automated teller machine (ATM) services and will take effect from 1 March 2025.
In a circular signed by John Onojah, acting director of financial policy and regulatory departments, CBN said the fee adjustment is designed to address rising operating costs and improve efficiency within the banking industry.
The last revision of ATM transaction fees occurred in 2019, when CBN reduced the withdrawal fee from ₦65 to 35.
Although the new policy will result in higher costs for certain ATM transactions, CBN stressed that it is consistent with Article 10.7 of the CBN allegation guidelines for banks, other financial and non-bank financial institutions (2020).
Under the new structure:
Customers who withdraw money from their own bank ATMs (ON-US transactions) can still withdraw money for free. However, a 100-piece fee will be charged. Don’t wait – Please click here to read the full content now!
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