The House of Representatives has passed a resolution calling for the suspension of the recent increase in Automated Teller Machine (ATM) transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs in Nigeria.
The decision followed a motion of urgent public importance raised by lawmaker Marcus Onobun, who highlighted a circular issued by the Central Bank of Nigeria (CBN) announcing the new policy. Lawmakers expressed concerns that the changes would place an additional financial burden on Nigerians.
The House directed the CBN to put the policy on hold pending further discussions with relevant committees on banking, finance, and financial institutions.
On February 10, 2025, the CBN announced that charges would now apply whenever customers withdraw cash from ATMs belonging to banks other than their own.
According to the apex bank’s directive, effective March 1, 2025, customers will be charged ₦100 per ₦20,000 withdrawal from another bank’s ATM. Additionally, for off-site ATMs—such as those in shopping malls and public places—a surcharge of up to ₦500 per ₦20,000 withdrawal will apply, in addition to the standard ₦100 fee.
The CBN justified the policy change by citing rising operational costs and the need to improve ATM service efficiency across the country.
While the new charges have drawn widespread criticism, the CBN maintains that the policy will benefit both customers and commercial banks by ensuring sustainable ATM deployment and service delivery.