Starting today, Nigerian banks have officially implemented a ₦100 fee on ATM withdrawals made from other banks (Not-On-Us Transactions). This means that anytime a customer withdraws cash from an ATM that does not belong to their bank, ₦100 will be deducted from their account—regardless of the withdrawal amount.
The Central Bank of Nigeria (CBN) has clarified the policy, stating that the charge applies to all withdrawals, even if the amount is less than ₦20,000.
In a Frequently Asked Questions (FAQs) document seen by Nairametrics, the CBN explained that the reason behind this fee structure is to prevent customers from breaking their withdrawals into smaller amounts to avoid charges.
“Yes, the fee of ₦100 will apply if you withdraw less than ₦20,000 from another bank’s ATM,” the CBN stated. “The reason for this is to prevent customers from splitting withdrawals into multiple transactions.”
This move has sparked mixed reactions among Nigerians, with many expressing concerns about the additional financial burden amid the country’s rising cost of living. However, banks argue that the fee aligns with the CBN’s revised transaction charges and aims to streamline the ATM withdrawal process.
Customers are advised to use their bank’s ATMs whenever possible to avoid incurring the new charge.
