CBN Increases ATM Charges Rate From N35 to N100

Post created on 10:48 am

The Central Bank of Nigeria (CBN) has announced a new review of Automated Teller Machine (ATM) charges after the last transaction charges were reviewed in 2019 and reduced from N65 to N35.

Making the information known in a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the new charges will take effect on March 1, 2025.

It states that the review of transaction charges on ATMs was due to rising operational costs and the need to ensure improvements within the banking sector.

ATM charges vary from bank to bank, but withdrawals from issuing banks attract no fees, while withdrawals from other banks’ ATMs attract N35 from some banks and N50 from others.

However, the new charges will now be N100 for N20,000 from within one’s bank without any hidden charges, while other bank ATMs will cost N100, including an additional N450 in extra charges.