CBN Increases ATM Withdrawal Charges
The central bank of Nigeria (CBN) has increased ATM withdrawal fees from N35 to N100 on each withdrawal to maintain growth and efficiency with effect from 1st March, 2025. The charges which varies from bank to bank will see issuing bank charging N100 per N20,000 withdrawal, and non-issuing bank N100 with a sub-charge of not more than N500.
This new development was contained in a circular directed to all commercial banks and financial institutions in the country.
“According to the circular, 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.
“The circular charged banks and financial institutions to apply the charges from March 1, 2025.”
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