The Central Bank of Nigeria (CBN) has raised the charges for ATM withdrawals, meaning customers will pay more when using ATMs, especially at other banks.

According to a circular signed by John Onojah, the acting director of the financial policy and regulation department at CBN, the new charges will begin on March 1.

Here’s a breakdown of the new fees:

• Withdrawals from your bank’s ATM (on-us transactions) remain free.
• Withdrawals from ATMs located at bank branches (on-site ATMs) will now have a N100 fee per N20,000 withdrawal.
• Withdrawals from other banks’ ATMs (not-on-us transactions) will attract a N100 fee plus an additional charge of up to N450 per N20,000 withdrawal.

CBN explained that the increase is meant to cover rising operational costs and improve banking services. The policy aligns with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions (2020).

The last time CBN adjusted ATM withdrawal charges was in 2019, when fees were reduced from N65 to N35. However, with this new policy, customers withdrawing from ATMs outside their bank’s network will now pay higher fees.