Senator Shehu Sani has criticised the Central Bank of Nigeria (CBN) for scrapping free Automated Teller Machine (ATM) withdrawals for customers using other banks’ ATMs.
On Tuesday, the apex bank announced the removal of the three free monthly withdrawals previously allowed for such transactions. According to a circular dated February 10, 2025, and signed by Acting Director of the Financial Policy and Regulation Department, John Onojah, banks and financial institutions are to implement the new ATM withdrawal charges starting March 1, 2025.
Under the new policy, customers withdrawing from another bank’s ATM will be charged N100 per N20,000 withdrawal within bank premises. For withdrawals at off-site ATMs, an additional surcharge of up to N500 will apply. The surcharge, which will serve as income for the ATM deployer, must be disclosed at the point of withdrawal.
Reacting to the development in an X post on Thursday, Sani warned that the continuous increase in ATM charges could push Nigerians back to physically cashing their cheques inside bank halls.
He wrote, “If the CBN continue to increase ATM charges, people will return to the era of physically entering the Bank to cash their cheques.”
