The new Automated Teller Machine (ATM) withdrawal charges introduced by the Central Bank of Nigeria (CBN) officially came into effect on Saturday, March 1, 2025, sparking concerns among bank customers across the country.
The new policy, first announced by the apex bank on February 11, mandates a N100 charge for cash withdrawals from ATMs of other banks within the same premises and a N450 surcharge for withdrawals from offsite ATMs belonging to different banks.
The CBN clarified that these charges apply only when customers use ATMs outside their own bank’s network, emphasizing that withdrawals from their own bank’s machines remain free of charge.
Reports from major cities, including Abuja and Lagos, indicate that banks have started implementing the directive, with customers expressing frustration over the additional financial burden. Many bank users lamented that the charges would further strain their already overstretched finances amid rising inflation and economic hardships.
Confirming the enforcement of the new charges, Dr. Uju Ogunbunka, President of the Bank Customers’ Association of Nigeria, described it as another challenge for Nigerians.
“The ATM withdrawal charges, as announced by the CBN, have commenced. Definitely, this is another burden Nigerians have to contend with,” Ogunbunka stated.
While the CBN has defended the policy as part of measures to regulate cash circulation and encourage digital banking, financial analysts warn that it may discourage cash transactions and push more Nigerians towards alternative financial services.
As reactions continue to pour in, stakeholders are urging the government to reconsider the charges, arguing that they disproportionately affect low-income earners who rely heavily on ATM withdrawals for daily transactions.
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