Former Kaduna federal lawmaker, Sen Shehu Sani has warned against the increment of ATM withdrawal fees by the Central Bank of Nigeria.
He took to X to state that there would be consequences if the CBN continued to increase the charges.
Recall that CBN announced the scrapping of the three free monthly withdrawals previously allowed for customers using other banks’ ATMs.
In a circular dated February 10, 2025, the apex bank directed all banks and financial institutions to implement new ATM withdrawal charges from March 1, 2025.
According to the circular, signed by the Acting Director of the Financial Policy and Regulation Department at the CBN, John Onojah, customers using another bank’s ATM will now be charged N100 per N20,000 withdrawal when using ATMs located within bank premises.
For withdrawals made at off-site ATMs, a charge of N100 per N20,000 withdrawal will apply, along with a surcharge of up to N500.
The surcharge, which will be an income of the ATM deployer or acquirer, must be disclosed at the point of withdrawal.
Reacting on X today, February 13, Sani said the increment of ATM charges, would return the country to the old times when Nigerians preferred to enter banks to make cash withdrawals over the counter.
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.”
