CBN announces Increased Rate for ATM Withdrawal Charges

The Central Bank of Nigeria (CBN) has announced plan to increase transaction fees for automated teller machines (ATMs).

The increment affect transactions across the country, taking effect from March 1, 2025.

This was contained in a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, on Tuesday.

According to the apex bank, the review aims to address rising operational costs and enhance efficiency within the banking sector.

Currently, ATM withdrawals attract a service charge of N35 after the third withdrawal within the same month. It was slashed from N65 in 2022