The Central Bank of Nigeria (CBN) has announced the discontinuation of the three free monthly withdrawals previously allowed for customers using Automated Teller Machines (ATMs) of banks other than their own.

This directive was contained in a circular dated 10 February 2025, issued by the apex bank’s Acting Director of Financial Policy and Regulation, John Onojah, and addressed to all banks and financial institutions.

“The three free monthly withdrawals permitted for remote-on-us transactions (where customers use ATMs of banks other than their own) under Section 10.6.2 of the Guide shall no longer apply,” the circular stated.

With effect from 1 March 2025, the following charges will be implemented:

• Customers withdrawing from their own bank’s ATMs will continue to incur no charges.
• Withdrawals from other banks’ ATMs will now attract a fee of ₦100 per ₦20,000.
• Off-site ATMs (machines located outside bank premises, such as in shopping malls and eateries) will impose a surcharge of up to ₦500 per ₦20,000 in addition to the ₦100 statutory fee for withdrawals by customers of other banks.

The CBN attributed these revised charges to rising operational costs and the need to enhance the efficiency of ATM services nationwide.

“This review is expected to accelerate the deployment of ATMs and ensure that financial institutions apply appropriate charges for the service,” the circular added.