Former Senator Shehu Sani, who represents Kaduna Central Senate District, warned that if the Nigerian central bank continues to increase ATM withdrawal fees, there will be consequences.
He responded to X to cancel the free automated teller machine for other bank clients with Central Nigeria BNAK.
Recall that CBN announced the cancellation of three free monthly withdrawals from customers who previously allowed access to other bank ATMs.
In the circular dated February 10, 2025, Apex Bank instructed all banks and financial institutions to implement new ATM withdrawal fees starting from March 1, 2025.
According to a circular signed by John Onojah, Acting Director of Financial Policy and Supervision of CBN, clients using another bank ATM will now charge every 2,000 n20,000 n100 n100 when using ATMs located in the bank house.
For withdrawals made on the on-site ATM, N100 per N100 will apply, and surcharges up to N500 will apply.
The surcharge will be the income of the ATM deployment or acquirer and must be disclosed at the time of withdrawal.
Sani reacted on today’s X, and Sani said the increase in ATM fees would make the country return to an era where Nigerians would rather enter the bank to withdraw cash on the counter.
“If CBN continues to increase ATM charges, people will return to the era when banks cash checks in cash,” he wrote.
