The Central Bank of Nigeria (CBN) has announced plans to raise transaction fees for automated teller machine (ATM) withdrawals across the country, starting March 1, 2025.
This update was disclosed in a circular issued on Tuesday February 11 2025, by John Onojah, the Acting Director of the Financial Policy and Regulation Department.
According to the CBN, the adjustment aims to address rising operational costs and improve efficiency in the banking sector.
Currently, ATM withdrawals incur a service charge of N35 after the third transaction within a month, a reduction from the previous N65 fee in 2022. However, with the upcoming changes, charges are expected to increase.
