CBN to Enforce New ATM Transaction Fees Starting March 1

CBN Revises ATM Transaction Fees, New Charges Take Effect March 1

The Central Bank of Nigeria (CBN) has announced a review of transaction fees for Automated Teller Machines (ATMs), with the revised charges set to take effect from March 1.

In a circular signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, the apex bank stated that the adjustment aims to address rising operational costs and improve efficiency in the banking sector.

Under the new structure:

• On-site ATMs (machines located within bank premises) will attract a charge of N100 per N20,000 withdrawal.
• Off-site ATMs (machines located outside bank branches) will incur N100 plus a surcharge of up to N500 per N20,000 withdrawal.
• On-Us transactions (customers withdrawing from their own bank’s ATM) remain free of charge.

The new policy is expected to impact banking customers nationwide as it seeks to balance cost recovery with service efficiency.