The Central Bank of Nigeria (CBN) has eliminated the three free monthly withdrawals previously allowed for customers using other banks’ ATMs. This means that from March 1, 2025, customers will be charged for every withdrawal made from an ATM not operated by their bank.
This notice was contained in a recent circular where the apex bank directed all banks and financial institutions to implement the new withdrawal charges.
The revision affects Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020), which previously allowed limited free transactions.
The circular, signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, stated that the policy aims to accelerate the deployment of ATMs nationwide.
With the policy set to take effect in a few weeks, banks are expected to update customers on the revised charges.
