Former Senator Shehu Sani has criticized the Central Bank of Nigeria (CBN) for its recent decision to eliminate free Automated Teller Machine (ATM) withdrawals for customers using other banks. This change, effective from March 1, 2025, replaces the previous allowance of three free withdrawals each month with new charges.
In a circular dated February 10, 2025, the CBN announced that customers will now incur a fee of ₦100 for every ₦20,000 withdrawn at ATMs, whether on bank premises or off-site. For off-site ATMs, an additional surcharge of up to ₦500 will apply, which will benefit the ATM deployer.
Sani expressed concern that these increased charges could force Nigerians back to the era of physically visiting banks to cash cheques, stating, “If the CBN continues to increase ATM charges, people will return to the era of physically entering the bank to cash their cheques.”
The CBN aims to enhance the deployment of ATMs across the country while ensuring that financial institutions apply appropriate service charges. However, many bank customers have voiced their dissatisfaction, fearing that the changes will make banking services less accessible.
As the debate continues, Sani’s comments highlight the growing frustration among the public regarding banking fees and their potential impact on everyday financial transactions.
