CBN’s New ATM Charges: Another Burden on Nigerians Amid Rising Costs

CBN’s New ATM Charges: Another Burden on Nigerians Amid Rising Costs

The Central Bank of Nigeria (CBN) has introduced a revised ATM transaction fee structure set to take effect from March 1, 2025, further tightening financial pressures on Nigerians already struggling with the rising cost of living.

Under the new directive, customers withdrawing less than N20,000 from another bank’s ATM will now pay N100 per transaction. Previously, bank users were entitled to three free withdrawals per month at other banks’ ATMs, but this has now been scrapped.

Additionally, those using off-site ATMs (located in malls, fuel stations, and public spaces) will face an extra surcharge of up to N500 per withdrawal, further increasing transaction costs. International ATM withdrawals will also be subject to cost-recovery charges.

A Pattern of Financial Burdens on Nigerians

This policy follows a disturbing trend of government-imposed financial pressures, adding to an already worsening economic situation:

See Also:

Why Saudi Arabia Is Implementing Visa Restrictions On Nigerian Travellers, And 13 Other Countries

Fuel Subsidy Removal: In 2023, the Nigerian government eliminated fuel subsidies, causing petrol prices to skyrocket and significantly increasing transportation and food costs.

Electricity Tariff Hike: Power distribution companies have repeatedly increased electricity tariffs, with the most recent hike further stretching household budgets.

Cooking Gas Price Surge: The cost of cooking gas has soared, making basic meal preparation a financial struggle for many families.

50% Telecom Tariff Increase: The Nigerian Communications Commission (NCC) recently approved a 50% increase in telecom service tariffs, raising the cost of calls, data, and SMS services.

New ATM Withdrawal Charges: Now, even basic banking services come at an additional cost, disproportionately affecting low-income earners who rely on cash transactions.


Government Policies Worsening Economic Hardship

Rather than implementing policies to ease financial burdens, the government and its regulatory agencies continue to introduce directives that compound economic hardship for ordinary Nigerians. Many citizens rely on ATM withdrawals for daily transactions, and these new charges will only reduce disposable income while banks continue to rake in profits.

The CBN has encouraged Nigerians to use alternative payment methods such as mobile banking, POS transactions, and electronic transfers to minimize cash withdrawals. However, these options are not always accessible to people in rural areas, where cash remains the dominant means of transaction.

As the cost of living crisis deepens, Nigerians are left wondering: When will government policies start prioritizing economic relief instead of imposing more financial burdens?