Shehu Sani, the former Senator for Kaduna Central Senatorial District, has criticized the Central Bank of Nigeria’s decision to eliminate free Automated Teller Machine (ATM) withdrawals for customers using other banks’ ATMs.
On Tuesday, the Central Bank announced the removal of the three free monthly withdrawals that were previously allowed for customers withdrawing from ATMs of other banks.
In a circular dated February 10, 2025, the Central Bank directed all banks and financial institutions to implement new ATM withdrawal fees starting March 1, 2025.
Read Also: CBN Sends Warning To Banks Over N20,000 ATM Withdrawals
The circular, signed by John Onojah, the Acting Director of the Financial Policy and Regulation Department at the CBN, aims to speed up the expansion of ATMs across the country while ensuring proper charges for the service.
Under the new rules, customers using ATMs from other banks will now incur a fee of N100 for every N20,000 withdrawal at ATMs located on bank premises. For off-site ATMs, the same charge of N100 per N20,000 withdrawal will apply, along with an additional surcharge of up to N500, which will go to the ATM provider. This surcharge must be disclosed at the point of withdrawal.
In response, Sani took to X on Thursday, stating that the increased ATM charges would lead the country back to the time when Nigerians had to physically go to banks to cash their cheques.
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.”
https://whatsapp.com/channel/0029VaihFajBadmT29ufud2Z
