Nigeria’s banking scene is getting a shake-up with the Central Bank of Nigeria (CBN) rolling out new ATM fees starting March 1, 2025.

These changes, aimed at covering rising operational costs and boosting ATM efficiency, have sparked chatter among Nigerians. Whether you’re a frequent cash user or just curious.

Here are 5 key facts about the new ATM fees in Nigeria plus some chill hacks to dodge them. 

1. Free Withdrawals at Your Bank’s ATM (On-Us Transactions)

Fact: If you stick to your bank’s ATM, you’re golden—no fees! The CBN has kept “On-Us” transactions (withdrawals from your own bank’s machine) free of charge.

Why It Matters: This is a big win for anyone who likes keeping cash close without extra costs. It’s all about incentivizing you to stay loyal to your bank’s network.

How to Avoid Fees: Simple—use your bank’s ATM locator app or website to find the nearest machine. Most banks have this sorted, so you’re never far from a fee-free withdrawal.

2. ₦100 Fee for Every ₦20,000 at Other Banks’ On-Site ATMs

Fact: Using another bank’s ATM on-site (like at a branch) will cost you ₦100 per ₦20,000 withdrawn, as outlined in the CBN’s February 10, 2025 circular.

Why It Matters: This applies to “Not-On-Us” transactions and kicks in even if you’re pulling less than ₦20,000. It’s a flat fee per transaction, so small withdrawals still sting.

How to Avoid Fees: Stick to your bank’s ATMs, or hit up a Point of Sale (POS) agent if they’re cheaper in your area. Planning bigger withdrawals can also cut down on trips—and fees.

3. Off-Site ATMs Add a Surcharge Up to ₦500

Fact: Withdrawals at off-site ATMs (think malls, gas stations, or airports) come with a ₦100 base fee per ₦20,000, plus an extra surcharge of up to ₦500, depending on the ATM operator.

Why It Matters: These surcharges are income for the ATM deployers, and they’ll flash on the screen before you confirm. Off-site spots are pricier because of higher maintenance costs.

How to Avoid Fees: Skip off-site ATMs when you can. If you’re out and about, check for your bank’s machines nearby or opt for cashback at stores—many let you grab cash during a purchase with no extra charge.

4. No More Free Remote Withdrawals

Fact: The old rule of three free monthly withdrawals from other banks’ ATMs (Remote-On-Us) is gone. Every withdrawal now has a fee, starting March 1, 2025.

Why It Matters: This tweak pushes folks toward digital payments or their own bank’s network, aligning with Nigeria’s cashless goals. Cash lovers might feel the pinch here.

How to Avoid Fees: Go digital—mobile apps, USSD codes, or card payments can cut your ATM runs. If cash is a must, batch your withdrawals to limit fees.

5. International Withdrawals Pass on Acquirer Costs

Fact: Using your card abroad? You’ll pay whatever the international ATM charges—no extra markup from Nigerian banks, just a direct pass-through fee.

Why It Matters: This “cost-recovery” approach means fees vary by country and ATM provider. It’s less predictable but keeps Nigerian banks from piling on.

How to Avoid Fees: Travel with a card from a bank offering free international withdrawals (some fintechs do this), or preload a travel card to sidestep ATM costs altogether.

Why These New ATM Fees in Nigeria Matter

The CBN, in a Circular dated Feb 10, 2025, says these fees will “accelerate ATM deployment” and ensure fair charges while tackling rising costs. But for everyday Nigerians, especially those on tight budgets, it’s another hit. POS agents might jack up their rates too, with some hinting at ₦200+ for ₦5,000 withdrawals. Cash access is still king in many spots, so dodging these fees takes some savvy.

Pro Tips to Slash ATM Fees

• Stick to Your Bank: Use your bank’s ATMs or apps to track free ones nearby.
• Use Cashback: Grab cash when shopping at big stores—most don’t charge for it.
•  Batch Withdrawals: Pull out more at once (up to ₦20,000 per go) to cut down on trips.
•  Switch to Digital: Pay with apps or cards where you can—fewer ATM visits, fewer fees.
•  Report Issues: If a bank limits you below ₦20,000 or overcharges, hit up the CBN helpline (e.g., 0700-225-5226).

The new ATM fees in Nigeria are shaking things up, but they don’t have to drain your wallet. By sticking to your bank’s network, leaning on digital options, or getting crafty with cashback, you can keep more naira in your pocket. As Nigeria pushes toward a cashless vibe, these fees might just be the nudge we need—or a headache to outsmart. Either way, you’ve got the know-how to stay ahead.