ENUGU, Nigeria (VOICE OF NAIJA)- Senator Shehu Sani has strongly criticized the Central Bank of Nigeria (CBN) over its recent decision to remove free Automated Teller Machine (ATM) withdrawals for customers using other banks’ ATMs.
The CBN, in a circular dated February 10, 2025, and signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, announced that the existing three free monthly withdrawals for interbank ATM transactions have been scrapped.
The new ATM withdrawal charges will take effect from March 1, 2025.
READ ALSO: CBN Ends Free ATM Withdrawals For Customers Using Other Banks Machines
New ATM Charges Under the Policy: N100 per N20,000 withdrawal at ATMs within bank premises, up to N500 surcharge for withdrawals at off-site ATMs.
It added that the surcharge will serve as income for the ATM deployer and must be disclosed at the point of withdrawal
Reacting to the policy on Thursday via a post on X (formerly Twitter), Shehu Sani warned that the continuous increase in ATM charges could push Nigerians back to physically cashing cheques inside bank halls.
“If the CBN continue to increase ATM charges, people will return to the era of physically entering the bank to cash their cheques.”
Meanwhile, the new CBN directive has sparked reactions across the country, with many Nigerians expressing concerns over the increasing financial burden imposed by banks and regulators.