The Central Bank of Nigeria has announced that customers will now be charged when withdrawing from ATMs of banks other than theirs. In a circular dated February 10, the CBN stated that the previous allowance of three free withdrawals per month has been discontinued.
Starting March 1, customers using other banks’ ATMs will pay ₦100 per ₦20,000 withdrawal. For off-site ATMs at malls and eateries, an additional surcharge of up to ₦500 will apply. The CBN says the move aims to improve ATM services and cover rising operational costs.
