The Central Bank of Nigeria (CBN) has announced the removal of the three free monthly withdrawals previously allowed for customers using Automated Teller Machines (ATMs) of banks other than their own.
In a circular issued on February 10, 2025, and addressed to all banks and financial institutions, the apex bank’s Acting Director of the Financial Policy and Regulation Department, John Onojah, confirmed the policy change.
“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the circular stated.
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Effective March 1, 2025, customers making withdrawals from ATMs not belonging to their banks will now be charged N100 per N20,000 withdrawn.
However, withdrawals from a customer’s own bank’s ATMs will remain free of charge.
For off-site ATMs—those located outside bank premises, such as at shopping malls, restaurants, and public spaces—an additional surcharge of up to N500 per N20,000 will be applied, in addition to the standard N100 fee.
The CBN attributed the policy revision to increasing operational costs and the need to enhance ATM service efficiency 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.
