Central Bank of Nigeria Set New Financial Policy and Regulation for Nigerian Citizens
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February 10, 2025
FPR/DIRIGEN/CIR/001/002
Circular to all Banks and Other Financial Institutions
Review of Automated Teller Machine Transaction Fees
In response to rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide).
This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.
Attached is the photo:
ATM Transaction Fees
On-Us (customer withdrawing at the ATM of the customer's financial institution) in Nigeria
No charge
Not-On-Us (withdrawal from another institution's ATM) in Nigeria
On-site ATMs: A charge of 100 per N20,000 withdrawal
Off-site ATMs. A charge of N100 plus a surcharge of not more than 500 per N20,000 withdrawal.
The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer
International Withdrawals (per transaction) whether debit/credit card
Cost Recovery-exact charge by international acquirer.
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