The Nigeria’s apex bank—Central Bank of Nigeria (CBN)—has issued a sanction warning to banks restricting customers’ withdrawals below ₦20,000 per transaction. This directive was outlined in the apex bank’s circular formed on Feb-10 2025.
As per the circular, the directive will be effective starting from March 1, 2025. The CBN’s sanction is part of the revised automated teller machine (ATM) transaction fees imposed on banks and their customers to improve efficiency and promote the expansion of ATM installations nationwide.
The CBN’s sanction directive read as shown in the image below:
Under the CBN’s new circular structure, withdrawals from a customer’s own bank ATMs remain free of charge. The apex bank has also explained that if you take out less than ₦20,000 from an ATM that belongs to a different bank, you will still pay a ₦100 fee.
This is to stop people from making many small withdrawals to avoid paying charges. Also, the rule that allowed you to make three free withdrawals each month from other banks’ ATMs has been removed. Now, you will be charged for every withdrawal you make from another bank’s ATM.
