• Latest
  • Trending
  • All
Nigerians to Pay N500 per Withdrawal as CBN releases New ATM Transactions Charges

Nigerians to Pay N500 per Withdrawal as CBN releases New ATM Transactions Charges

Ibas faults NBA for moving Conference from Rivers to Enugu, demands Refund of N300m Hosting Rights

Rivers LG Administrator Resigns

2027: Atiku, Amaechi, El-rufai form New Political Party, writes INEC

2027: Atiku, Amaechi, El-rufai form New Political Party, writes INEC

Court remands TikToker For Bathing On Street

Court remands TikToker For Bathing On Street

JUST IN: Presidency warns Nigerians, Leaders over Opposition to Tinubu’s Tax Reform Bills

Tinubu lands in Benue amidst Aftermath of Yelewata attack

CAC Increases Service Fees from  August 1

CAC Increases Service Fees from August 1

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA

Air India Plane carrying 242 Passengers Crashes after Takeoff (Video)

Air India Plane carrying 242 Passengers Crashes after Takeoff (Video)

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

CBEX Resumes Operations, asks Nigerian Investors To Deposit $200

How Fuel Prices rose from 6 kobo-N650/litre Since 1973 to 2024

Fuel Marketers Engage Suppliers To Crash Petrol Price To N700/Litre

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports

Ondo Deputy Speaker and Majority Leader resign

Ondo Deputy Speaker and Majority Leader resign

  • About Us
  • Advertise with Us
  • Editorial Policy
Monday, June 23, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus
Home Breaking News

Nigerians to Pay N500 per Withdrawal as CBN releases New ATM Transactions Charges

by iDeemlawful
March 6, 2025
A A
Nigerians to Pay N500 per Withdrawal as CBN releases New ATM Transactions Charges

A woman takes Nigerian Naira from a bank's automated teller machine (ATM) in Ikeja district in the commercial capital Lagos November 12, 2014. Nigeria's naira currency weakened slightly on the interbank market on Tuesday due to strong demand for dollars from foreign investors. REUTERS/Akintunde Akinleye (NIGERIA - Tags: BUSINESS) - RTR4DUX1

FacebookTwitterWhatsapp

The Central Bank of Nigeria has announced that Nigerians using Off-site ATMs, which are positioned outside bank premises such as shopping malls, fuel stations, and other public spaces, will attract an additional surcharge of up to N500 per transaction.

This was contained in an announcement that includes withdrawal of less than N20,000 from another bank’s Automated Teller Machine will be charged a fee of N100 per transaction.

The apex said this in a FAQ document published on its website on Thursday, which provides further information on a new CBN’s directive.

RelatedPosts

CBN opens up on Introducing New N5000, N10000 Notes

CBN ordered to suspend increase in ATM Transaction Charges

CBN dragged to Court over ATM fee hike

CBN announces Increased Rate for ATM Withdrawal Charges

The directive is part of the newly revised ATM transaction fees set to take effect from March 1, 2025, as contained in the CBN circular dated February 10, 2025.

  • Under the revised fee structure, withdrawals from one’s bank ATMs will remain free of charge.
  • Customers using ATMs of other banks will be subjected to a charge of N100 per withdrawal of N20,000 or less at on-site ATMs, which are located within or directly affiliated with a bank branch.
  • Off-site ATMs, which are positioned outside bank premises such as shopping malls, fuel stations, and other public spaces, will attract an additional surcharge of up to N500 per transaction.
  • For international ATM withdrawals, charges will be based on cost recovery, meaning customers will bear the exact fee applied by the international acquirer.

The CBN stated that the charge on withdrawals below N20,000 is intended to prevent customers from splitting withdrawals into smaller amounts to avoid fees.

The FAQ document read, “Yes, the fee of N100 will apply if you withdraw less than N20,000 from another bank (a bank other than the one that issued your payment card).

“The reason for applying the fee for every N20,000 withdrawal is to prevent customers from being compelled to break their withdrawals to less than N20,000 per withdrawal.

“In other words, ATM transactions will incur a base fee of N100 per transaction.

“It is also important to note that a tiered fee structure will apply for transactions exceeding N20,000, with an additional N100 charged for each subsequent withdrawal of N20,000 or portion thereof.”

Customers withdrawing more than N20,000 from another bank’s ATM will be charged an additional N100 for every subsequent N20,000 or portion thereof.

Another significant change in the revised structure is the removal of the three free monthly withdrawals previously allowed for customers using other banks’ ATMs.

From March 1, 2025, all withdrawals at another bank’s ATM will attract charges, potentially increasing costs for customers who frequently use ATMs outside their primary bank.

The apex bank has clarified that financial institutions are not permitted to charge more than the prescribed fees, although banks may reduce charges depending on their business strategy.

Any bank found in violation of the directive, including compelling customers to withdraw less than N20,000 per transaction despite sufficient funds in their account, will be sanctioned accordingly.

Customers who experience such restrictions are encouraged to report complaints to the CBN Consumer Protection Department via cpd@cbn.gov.ng.

To minimise transaction fees, the CBN has advised customers to prioritise withdrawals from their bank’s own ATMs.

It also encouraged Nigerians to explore alternative payment methods such as mobile banking applications, POS transactions, and electronic transfers to reduce reliance on cash withdrawals

Tags: CBNCBN Policies
Previous Post

‘You dey vex. We know’ – MTN reacts after 15GB 200% data Price Hike

Next Post

Lagos increases BRT fare by 18%

iDeemlawful

iDeemlawful

Related Posts

Court remands TikToker For Bathing On Street
Breaking News

Court remands TikToker For Bathing On Street

JUST IN: Presidency warns Nigerians, Leaders over Opposition to Tinubu’s Tax Reform Bills
Breaking News

Tinubu lands in Benue amidst Aftermath of Yelewata attack

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma
Breaking News

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA
Breaking News

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks
Breaking News

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes
Breaking News

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes

Nigerian Government Announces Public Holidays for Sallah Celebrations
Breaking News

Nigerian Government Announces Public Holidays for Sallah Celebrations

The progress of Kano state is non – negotiable – Engr. Yusuf
Breaking News

Kano Declares 12-day Sallah Holiday for Schools

Kwara mobile court convicts 135 sanitation violators |
Breaking News

Kwara Law Students Appeal for Immediate Release of Law School Scholarship Funds

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud
Breaking News

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In