Hold onto your wallets, folks! The Central Bank of Nigeria (CBN) just announced that starting March 2025, withdrawing cash will cost you more. Why? Because operational costs are up, and apparently, so should your fees.
A circular signed by Acting Director of Financial Policy, John Onojah, states that the new charges are meant to “enhance banking services” (read: make you reconsider carrying cash altogether).
This marks the first hike since 2019 when withdrawal fees were actually lowered. Ah, the good old days!
Here’s what’s changing:
- Withdrawing from your own bank’s ATM? Still free (for now).
- Withdrawing from an ATM at your bank branch? That’s N100 per N20,000.
- Using another bank’s ATM? Prepare to shell out N100 + up to N450 per N20,000. Yes, really.
The CBN insists this is all to “accelerate ATM deployment” and ensure charges “reflect service costs.” Meanwhile, customers brace for yet another dent in their bank accounts.
Article updated 6 days ago. Content is written and modified by multiple authors.
