For efficiency and growth, the Central Bank of Nigeria CNN has increased the withdrawal fees from Automated Teller Machines, ATM to N100 per withdrawal from N35 which varies from bank to bank.
This was made known in a circular directed to all commercial banks and financial institutions in the country.
The circular made it clear that on-site withdrawal which means when a customer withdraws from issuing bank, the charge is N100 per N20,000 withdrawal.
While off-site which entails withdrawals from non-issuing banks attracts N100 and a surcharge of not more than N500 per N20,000. The surcharge shall be disclosed to the customer at the point of withdrawal.
It charged banks and financial institutions to apply the charges from March 1, 2025.
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