From March 1, 2025, Nigerian banks have started charging N100 per withdrawal for transactions made at ATMs belonging to other banks. This change follows a directive from the Central Bank of Nigeria (CBN) announced in February.
Under the new fee structure, customers using their own bank’s ATMs will not face charges, while withdrawals of N20,000 or less from another bank’s ATM will incur a N100 fee.
Off-site ATMs, such as those located in malls or fuel stations, will attract an additional surcharge of up to N500 per transaction. For international ATM withdrawals, the charges will align with the fees set by the international acquirer.
While some customers express frustration over the extra costs, with one stating, “This is another cost I must pay to use my money,” banks have started loading their ATMs with cash to limit customers’ reliance on other banks’ machines.
Despite the changes, the CBN recommends using one’s bank’s ATM or exploring alternative payment channels like mobile apps to avoid the surcharge.
However, several organizations, including the Trade Union Congress, have voiced opposition to the fee increase, calling for its immediate suspension.
As the new charges take effect, many Nigerians are concerned about the increasing financial burden, with some criticizing the CBN’s policies as “exploitative” in the face of ongoing economic hardships.