The Central Bank of Nigeria (CBN) has announced that, effective March 1, the three free monthly withdrawals for customers using other banks’ Automated Teller Machines (ATMs) will be removed.

The apex bank disclosed this in a circular posted on its website on Tuesday, addressing all banks and financial institutions.

The circular, signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, said the measure was in response to rising costs.

“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025,” he said.

The circular said that withdrawals from a customer’s financial institution attracted no charge, but those from another institution’s ATM in Nigeria would attract charges of N100 per N20,000 withdrawal.

It listed charges of N100 plus a surcharge of not more than N500 per N20,000 withdrawal on other categories of fees for other financial institutions.

It also noted surcharge categories to be disclosed at the point of withdrawal to the consumer.

“Furthermore, the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” it said.