ATMs Across The Nation has Been Stocked With Cash as New ₦100 Withdrawal Fee Takes Effect

The Central Bank of Nigeria has introduced a revised ATM withdrawal fee structure, effective March 1, 2025. Under the new policy, withdrawals from a customer’s bank ATM remain free. However, using an ATM from a different bank now attracts a charge of ₦100 per transaction for withdrawals of ₦20,000 or less at ATMs located within bank premises.

For off-site ATMs, such as those in shopping malls and fuel stations, an additional surcharge of up to ₦500 per transaction applies. International ATM withdrawals will also be charged based on cost recovery, meaning customers will bear the exact fee applied by the international acquirer.

Following the implementation, banks across Lagos were observed to have loaded their ATMs with cash, a move aimed at reducing the need for customers to use other banks’ ATMs and incur extra charges. Several banks have also displayed notices informing customers of the new charges before proceeding with transactions.

Following the policy introduction, consumer rights groups and laborunions criticized it, urging its immediate suspension. The Trade Union Congress described the charges as an additional burden on Nigerians already facing economic hardship, while the Socio-Economic Rights and Accountability Project called on the federal government to intervene.

In response, Central Bank advised customers to withdraw money from their own bank’s ATMs to avoid charges and to consider alternative payment channels such as mobile apps and POS terminals.