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CBN Retains N100 ATM Fee For Withdrawal Below N20,000
The Central Bank of Nigeria (CBN) has announced that Nigerians withdrawing less than N20,000 from another bank’s Automated Teller Machine will still be charged a fee of N100 per transaction.
This is according to a FAQ document published by the apex bank on its website, yesterday, which provides further information on a new CBN’s directive.
The directive is part of the newly revised ATM transaction fees set to take effect from March 1, 2025, as contained in the CBN circular dated February 10, 2025.
Under the revised fee structure, withdrawals from one’s bank ATMs will remain free of charge.
However, customers using ATMs of other banks will be subjected to a charge of N100 per withdrawal of N20,000 or less at on-site ATMs, which are located within or directly affiliated with a bank branch.
Off-site ATMs, which are positioned outside bank premises such as shopping malls, fuel stations, and other public spaces, will attract an additional surcharge of up to N500 per transaction.
For international ATM withdrawals, charges will be based on cost recovery, meaning customers will bear the exact fee applied by the international acquirer.
The CBN stated that the charge on withdrawals below N20,000 is intended to prevent customers from splitting withdrawals into smaller amounts to avoid fees.
The FAQ document read, “Yes, the fee of N100 will apply if you withdraw less than N20,000 from another bank (a bank other than the one that issued your payment card).
“The reason for applying the fee for every N20,000 withdrawal is to prevent customers from being compelled to break their withdrawals to less than N20,000 per withdrawal.
“In other words, ATM transactions will incur a base fee of N100 per transaction. It is also important to note that a tiered fee structure will apply for transactions exceeding N20,000, with an additional N100 charged for each subsequent withdrawal of N20,000 or portion thereof.”
Customers withdrawing more than N20,000 from another bank’s ATM will be charged an additional N100 for every subsequent N20,000 or portion thereof.
Another significant change in the revised structure is the removal of the three free monthly withdrawals previously allowed for customers using other banks’ ATMs.
From March 1, 2025, all withdrawals at another bank’s ATM will attract charges, potentially increasing costs for customers who frequently use ATMs outside their primary bank.
The apex bank has clarified that financial institutions are not permitted to charge more than the prescribed fees, although banks may reduce charges depending on their business strategy.
Any bank found in violation of the directive, including compelling customers to withdraw less than N20,000 per transaction despite sufficient funds in their account, will be sanctioned accordingly.
Customers who experience such restrictions are encouraged to report complaints to the CBN Consumer Protection Department via cpd@cbn.gov.ng.
To minimise transaction fees, the CBN has advised customers to prioritise withdrawals from their bank’s own ATMs.
It also encouraged Nigerians to explore alternative payment methods such as mobile banking applications, POS transactions, and electronic transfers to reduce reliance on cash withdrawals.
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration will ensure the delivery of developmental projects and the prevalence of peace in all parts of Rivers State.
The Governor emphasized that the achievement of these lofty ideals can only occur through the unwavering contributions of all Rivers stakeholders.
Speaking during the commissioning of the 10.7-kilometre Egbeda–Omerelu Road constructed by his administration, the governor said Rivers State can only move forward when its people choose unity over division.
He assured Rivers people that development projects would reach every part of the State but cautioned that progress cannot thrive where conflict persists.
Reflecting on the project, Governor Fubara recalled that the road was a promise he made during the inauguration of the first phase about a year ago.
“We made a promise that we were going to do this project, and today I am happy that the government has fulfilled that promise made to Emohua people, Egbeda community and Omerelu people,” he said.
He noted that the essence of governance is service to the people, adding that responding to their needs is a core responsibility of any administration.
“We decided to do this because you know where we are coming from, and if we don’t tell our story, many won’t know what we are doing. Even in the face of tribulations, we have remained focused on delivering the dividends of democracy. We will continue to serve our people with respect and honour,” he affirmed.
Governor Fubara also reiterated his support for President Bola Ahmed Tinubu, pledging to back all groups working towards securing the President’s victory in 2027.
Giving technical details of the project, the Permanent Secretary of the Ministry of Works, Dr. Austin Ezekiel-Hart, explained that the contract was awarded on October 27, 2024, to Messrs Johnson Roadworks Limited.
He said the road links communities in Emohua and Ikwerre LGAs and shortens travel time for motorists commuting from Ahoada East, Ahoada West and Omoku through Egbeda to Owerri in Imo State.
He added that the infrastructure features a 12-metre clearing width and an 8-metre asphalt surface, comprising a 50mm binder course and a 40mm wearing course. It is complemented by 24 kilometres of drainage channels with a 1.05m² cross-sectional capacity to ensure durability and efficient water flow.
In his remarks, the Chairman of Emohua Local Government Area, Dr. Chidi Lloyd, described the road as a crucial link for surrounding communities, significantly easing movement for residents.
He praised the governor for demonstrating continuity and consolidation and prayed for God’s strength to enable him to achieve even more for the people.
Governor Siminalayi Fubara says Rivers State remains the best investment destination for investors in the oil and gas sector.
Governor Fubara stated that since the economic development of Rivers State is closely connected to the growth of the oil and gas industry, his administration has continued to collaborate with the Federal Government and host communities to protect natural assets in the sector.
The Governor stated this during the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation Oil and Gas Roundtable in Port Harcourt.
Represented by the Secretary to the State Government, Dr. Benibo Anabraba, he pointed out that since the economy of Nigeria relies substantially on the oil and gas sector, his administration will continue to collaborate with relevant stakeholders to ramp up production.
“The Nigerian oil and gas sector is the lifeblood of our nation’s economy, contributing over 90% of Federal Government’s foreign exchange earnings. Similarly, Rivers State, home to numerous national and multinational oil and gas companies, is the centre of Nigeria’s hydrocarbon industry, with the State’s oil and gas resources generating over 40% of the country’s revenue.
“?Considering this, the survival and economic development of Rivers State are closely connected to the growth of the oil and gas industry. That is why, since the beginning of this administration, we have focused on safeguarding the national oil and gas assets in collaboration with the Federal Government, security agencies, communities and other stakeholders, and we will maintain this commitment for as long as it is necessary.
“Furthermore, we have established and maintained a conducive, peaceful, and secure environment for companies to open and flourish in the State as part of a strategic plan to stimulate our economy, generate jobs, and enhance the well-being of our citizens.
“We therefore recognise and applaud the vital role that indigenous companies are currently playing in bridging gaps and advancing the development of Nigeria’s oil and gas industry,” he stressed.?
Governor Fubara affirmed that Nigerian-funded companies can only succeed and make meaningful contributions to the nation’s economic prosperity when challenges that limit the nation are effectively tackled, and expressed his administration’s stand to support indigenous organisations such as the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation.
Declaring the roundtable open, the Governor assured the Nigerian-Owned companies in the oil and gas sector, that “we are ready and willing to respond positively to any administrative, policy, or legislative recommendations within our jurisdiction as a subnational State.”
The Founder of the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation, Mr Emeka ugwu-Ozu, disclosed that the summit, held only in an oil and gas producing place, is a forum for all in the industry to brainstorm and suggest best practices for local players.
“This roundtable discussion takes place in only oil and gas producing states, and it is intentional. And that is to make sure that sooner, it becomes like what we say is the equivalent of Houston in the United States of America.
“I would say that from what I have seen so far, Rivers State is back and open, safe and good for business. The oil and gas players should come and see what we have seen,” he said.
