Former Kaduna Senator, Shehu Sani, has criticized the Central Bank of Nigeria (CBN) for removing free Automated Teller Machine (ATM) withdrawals for customers using ATMs of other banks.
On Tuesday, CBN announced the removal of the three free monthly withdrawals that were previously allowed for such transactions.
A circular issued on February 10, 2025, and signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, instructed banks and financial institutions to implement the new ATM withdrawal charges starting March 1, 2025.
The revised policy stipulates a fee of N100 per N20,000 withdrawn at another bank’s ATM within bank premises.
For withdrawals made at off-site ATMs, an additional surcharge of up to N500 will be imposed. The surcharge, which will serve as income for the ATM owner, must be disclosed to the customer before the transaction.
Reacting to the decision in an X post on Thursday, Sani warned that the rising ATM charges could force Nigerians to return to the practice of cashing cheques in person at bank branches.
He wrote, “If the CBN continues to increase ATM charges, people will return to the era of physically entering the Bank to cash their cheques.”
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