Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Following the new N100 ATM withdrawal charges, the Central Bank of Nigeria (CBN) has raised the withdrawal limits on ATMS to N20,000.

The apex bank disclosed this in its FAQs on the newly introduced charges.

According to the CBN, Nigerian banks have been mandated to raise their withdrawal limits to N20,000 per transaction to attract the N100 charges.

The CBN updated ATM transaction charges to address increasing operational costs and boost ATM efficiency services in the industry.

The apex said the adjustment would encourage the deployment of more ATMs while ensuring fair and transparent customer charges.

According to the CBN, the revised charges will become effective from March 1, 2025, and require all banks and financial institutions to comply with the circular.

Withdrawals from a user’s ATM known as On-us transactions, remain free. The location of the ATM does not affect customers using the same bank that deployed an off-site ATM.

The new charges include: On-Us Transactions (Withdrawals at your bank’s ATM): No charge.

CBN said withdrawals at another bank’s ATM will attract N100 per N20,000 withdrawal.

Also, off-site ATMs will attract N100 per N20,000 withdrawal, plus a surcharge of up to N500. The surcharge will be displayed on a customer’s ATM screen before approval.

According to the apex bank, international withdrawals will attract fees based on cost recovery, meaning the fee applied by the international acquirer will be passed to the customer.

Banks must now increase the ATM withdrawal threshold to N20,000 per transaction.

The CBN disclosed that banks that restrict customers with sufficient funds in their accounts from withdrawing N20,000 per transaction will be sanctioned.

Currently, most banks allow customers to withdraw N5,000 per transaction for off-site ATMs and N10,000 for on-site.

Legit.ng earlier reported that CBN alerted Nigerians, warning them against fraudulent SWIFT messages and unsubstantiated claims about foreign currency transfers allegedly held up in Nigerian banks or CBN itself.

The apex bank expressed readiness to contact law enforcement agencies to probe and prosecute persons making such claims.

The warning comes amid a surge in petitions from individuals, law firms, government agencies, and private entities claiming that foreign currencies sent to their accounts by foreign organisations have yet to be credited.

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Source: Legit.ng