The Central Bank of Nigeria has changed the fees for using Automated Teller Machines (ATMs). Below is a simple breakdown of the new fees so you can understand and plan your transactions.
On-Us Withdrawals: Free. This means if you withdraw from an ATM owned by your bank, you will not be charged.
Not-On-Us Withdrawals: If you withdraw from another bank’s ATM, you will pay N100 for every N20,000 withdrawn. If the ATM is off-site (not inside a bank), there will be an extra charge of up to N500.
International Withdrawals: You will pay exactly what the international operator charges. The bank does not add extra fees.
In-Bank ATMs: If you withdraw money from an ATM inside your own bank’s branch, it is free.
On-Site ATMs: If you withdraw up to N20,000 from an ATM at a bank, the fee is N100.
Off-Site ATMs: If you withdraw from an ATM outside a bank, you will pay N100 plus an extra charge of N500 per N20,000.
This new rule makes it easy to know how much you will pay for using ATMs.
Leave a Reply