Nigerian banks have stocked their ATMs with cash following the implementation of a N100 withdrawal fee on March 1, 2025, in line with the Central Bank of Nigeria (CBN)’s revised policy.
Under the new structure, withdrawals from an individual's bank’s ATMs remain free, but customers using other banks' ATMs will be charged N100 for withdrawals of N20,000 or less at on-site ATMs (located within bank premises). Off-site ATMs, such as those in malls or fuel stations, will incur an additional surcharge of up to N500 per transaction. International withdrawals will attract cost-recovery-based charges.
A survey of ATMs across Lagos showed that most banks had updated their machines to notify users of the new charges before processing withdrawals.
Meanwhile, customers have expressed frustration over the additional cost, citing economic hardship. The Trade Union Congress (TUC) and Socio-Economic Rights and Accountability Project (SERAP) have condemned the policy, urging the CBN and the government to suspend the charges. They argue that the new fees further burden already struggling Nigerians.
The CBN has advised customers to use their bank’s ATMs or alternative payment channels, such as mobile apps and POS devices, to avoid the charges.
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