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| CBN ATM Fee Update 2025 |
Nigeria’s top bank regulator has set new rules for ATM withdrawals. The Central Bank of Nigeria now charges a fee when you use another bank's ATM for certain transactions. Withdrawals under N20,000 incur N100 fee now apply.
This rule takes effect on March 1, 2025. The change comes from a circular dated February 10, 2025. An FAQ on the CBN website explains the new fee.
If you use your own bank’s ATM, there is no fee. The cost applies only when you withdraw from a bank that is not yours. This move is part of a broader update to ATM fees. The goal is to cover the cost of running these machines.
Many Nigerians use ATMs from banks other than their own. The fee may hit them harder. Some worry that even a small fee can add up. Others say the cost is fair if it helps keep the machines running well.
The fee change is one of several new moves in Nigeria’s banking world. Recent updates have tried to make the banking system more efficient. Banks now look for ways to lower overall costs. This fee may push customers to use their own bank’s ATMs more often.
The CBN aims to balance service cost with customer needs. It hopes this change will lead to smoother transactions. The bank wants all voices to be heard. It invites the public to share thoughts and ideas about the update.
If you often use another bank’s ATM, you may see a small extra charge. Check your bank’s website for details. Consider using your own bank’s ATM to avoid the fee. Staying informed helps you manage your money better.
The change also calls for more open talks about bank fees. Citizens are encouraged to join discussions on social media and in local meetings. Open debate helps bring balanced views and fair banking for all.
This update is a sign of more changes in the near future. Nigeria’s banks have been updating rules to match new costs. As fees change, it is wise to keep track of new developments. The CBN has taken a step that may affect how you withdraw cash.
This new rule is simple. Withdraw under N20,000 from another bank’s ATM and pay N100 per transaction. Use your own bank’s machine for free withdrawals. The update is set to shape how Nigerians handle everyday banking.
The new ATM fee update is a clear move by the CBN. It may help cover service costs for machines that many rely on. While some may find the fee an extra burden, others see it as a fair step toward better service. This news brings a chance for constructive debate. Sharing thoughts helps guide future changes pretty significantly in Nigeria's banking system generally nowadays.
Stay tuned for more updates on this topic. Keeping informed and discussing these changes openly will help everyone adjust. Your voice matters in the evolution of fair banking in Nigeria.