Why Is CBN Changing ATM Charges?

In a circular dated February 10, 2025, the CBN cited rising operational costs and the need to enhance ATM service efficiency as the key reasons for the fee adjustments. The changes align with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions (2020)—a framework regulating banking fees in Nigeria.

What Changes Should Customers Expect?

Although specific fee adjustments haven't been fully disclosed, past revisions suggest the following possible increases:

✅ Higher Fees for Using Other Banks' ATMs – If you withdraw cash from an ATM outside your bank's network, expect higher transaction fees.

✅ Fewer Free Withdrawals – Most banks allow a limited number of free ATM withdrawals per month before applying extra charges. The new policy may reduce free withdrawal limits or increase per-transaction fees.

✅ Higher Charges for International Withdrawals – If you withdraw cash abroad, expect higher fees due to exchange rate fluctuations and processing costs.

What Should You Do?

Stay updated with your bank’s official communication to understand how these changes affect your transactions. Consider using digital banking options to minimize ATM withdrawal costs and avoid unnecessary charges.

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