CBN Halts Free Withdrawals for Customers Using Other Banks’ ATMs, to Implement Charges from March 1

From March 1, customers will now pay for every withdrawal made from another bank’s ATM in Nigeria.

This is as the Central Bank of Nigeria, CBN, will scrap the three free monthly withdrawals previously allowed for customers using other banks’ ATMs.

In a circular signed by its Acting Director of Financial Policy, John Onojah, the CBN said the move is expected to accelerate the deployment of ATMs across the country while ensuring that financial institutions apply appropriate charges for the service.

Under the new ATM review, withdrawals made from a customer’s bank ATM will remain free, however, customers using another bank’s ATM will now be charged N100 per N20,000, along with a surcharge of up to N500.