CBN Ends Free ATM Withdrawals for Customers Using Other Banks’ Machines.

The Central Bank of Nigeria, CBN has once again issued another directive pertaining to cash withdrawal charges to customers as it published an FAQ document today, stating that Nigerians withdrawing less than 20,000 Naira from another bank’s Automated Teller Machine, ATM will still incure 100 Naira fee per transaction.

The Apex bank, in its Frequently Asked Questions, FAQ, document published on its website, clarified that from March 1, 2025, under the revised structure, withdrawals from ATMs belonging to one’s bank will remain free, but customers using other banks’ ATMs will be charged 100 Naira per withdrawal of 20,000 Naira or less.

CBN equally stated that such charge also applies to on-site ATMs meaning those located within bank premises, adding that Off-site ATMs, such as those found in shopping malls and fuel stations, will attract an additional surcharge of up to 500 Naira per transaction.

The CBN explained that the 100 Naira charge on withdrawals below 20,000 Naira is intended to prevent customers from splitting withdrawals into smaller amounts to avoid fees, while also warning banks against charging more than the prescribed fees, stressing that any bank that attempt to force customers into withdrawing in smaller amounts despite sufficient funds will face sanctions.