In a move that has sparked public concern, the Central Bank of Nigeria (CBN) has announced new ATM transaction fees set to take effect from March 1, 2025. The changes come amid ongoing economic challenges facing Nigerians, raising questions about their potential impact on everyday banking transactions.
Under the new policy, ATM withdrawals from on-site machines will attract a fee of N100 per N20,000 transaction. However, for off-site ATMs, customers will pay an additional surcharge of up to N500 for the same amount. Notably, this policy eliminates the previous provision that allowed three free monthly withdrawals at other banks’ ATMs, a move that many believe will place additional financial strain on Nigerians already grappling with inflation and high living costs.
The decision has been met with criticism from financial analysts and consumer advocacy groups, who argue that the policy disproportionately affects low-income earners. "Many Nigerians rely on ATMs for daily cash withdrawals, and these new charges will only make access to their funds more expensive," said financial expert Dr. Emeka Adeyemi.
Amid rising concerns, the CBN has defended the new policy, stating that it is aimed at reducing cash dependency and encouraging digital transactions. The apex bank maintains that the measure aligns with its broader cashless policy and will ultimately enhance financial inclusion.
However, the announcement has led to fresh calls for the government to address the economic difficulties faced by Nigerians. Many are urging the CBN to reconsider the timing of the new fees, given the current economic climate.
As the implementation date approaches, consumers are left wondering how the increased costs will impact their daily transactions and overall financial well-being. The coming months will reveal whether public outcry leads to a policy review or if Nigerians will have to brace for yet another financial burden.