Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Following increased fees imposed by the Central Bank of Nigeria (CBN), Standard Chartered Bank (SCB) has set the daily cash withdrawal from Automated Teller Machines (ATMs) at N70,000.

Recall that on February 10, 2025, the CBN increased the withdrawal fee for consumers using other banks' ATMs from N35 to N100 for every N20,000 taken out.

The three free monthly withdrawals that were previously permitted for customers utilizing ATMs outside of their bank's network have been discontinued by the apex bank in addition to the price increase. The Guide to Bank Charges' Section 19.6.2 described the policy change.

John S. Onojah, acting director of the CBN's financial policy and regulation department, signed a circular announcing the new instruction on February 10, 2025.

It is anticipated that the action will affect bank customers who regularly take cash from ATMs operated by other banks.

Standard Chartered bank informed its customers that the weekly cash withdrawal cap is still N500,000 for private citizens and N5 million for business entities.

Withdrawals that exceed these weekly limitations through all channels will be subject to the required regulatory documentation and a cash processing fee of 3 percent for individuals and 5 percent for corporate entities, the bank said.

The notice from the bank reads:

“Please be informed that, effective March 1, 2025, the Central Bank of Nigeria (CBN) has directed a revision of ATM transaction fees applicable to the use of Standard Chartered VISA Debit/Credit cards.”

The letter states that Standard Chartered ATM withdrawals will continue to be free. Customers who use ATMs operated by other banks, however, will be subject to a fee schedule that varies depending on the machine's location.

There will now be a cost of N100 for each N20,000 transaction made at ATMs on bank property; the same fee will apply to withdrawals under N20,000.

A N100 fee per N20,000 would still be charged for withdrawals made at ATMs outside of bank buildings, but there may also be an extra surcharge of up to N500 every N20,000 withdrawal.

Customers will be billed in accordance with the precise fees established by the foreign ATM acquirer when they make withdrawals from overseas ATMs.

“To avoid additional charges, we encourage you to use Standard Chartered Bank ATMs for cash withdrawals or explore our digital banking channels for more cost-effective and convenient transactions,” the bank said.

Legit.ng reported that the Central Bank of Nigeria (CBN) has increased the withdrawal charge on off-site ATMs to N100. The new policy will become effective on March 1, 2025.

According to the CBN, any withdrawals done in ATMs other than the holder’s ATM will attract a charge of N100 per N20,000 transactions.

The bank said charges in remote ATMs, that is, those outside banking premises such as malls, shopping centres, and other places will attract the N100 charges and a surcharge of N500.

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Source: Legit.ng