Consequences of Increased ATM Fees: Shehu Sani Speaks
Former Senator Shehu Sani has expressed concerns over the Central Bank of Nigeria’s (CBN) recent increase in Automated Teller Machine (ATM) withdrawal fees. He cautions that if the CBN continues to raise these charges, Nigerians may revert to traditional banking methods, such as physically entering banks to cash their cheques.
The CBN’s new policy, effective from March 1, 2025, eliminates the previously allowed three free monthly withdrawals for customers using other banks’ ATMs. Under this policy, customers withdrawing from another bank’s ATM will be charged ₦100 per ₦20,000 withdrawal within bank premises. For withdrawals at off-site ATMs, an additional surcharge of up to ₦500 will apply.
