Shehu Sani Condemns CBN’s Scrapping Of Free ATM Withdrawals

Former Kaduna Central Senator, Shehu Sani, has criticized the Central Bank of Nigeria (CBN) for scrapping the three free monthly Automated Teller Machine (ATM) withdrawals for customers using other banks’ ATMs.

The CBN, in a circular dated February 10, 2025, directed banks and financial institutions to introduce new ATM withdrawal charges starting from March 1, 2025.

Under the new policy, customers withdrawing from another bank’s ATM will pay N100 per N20,000 withdrawal at bank premises and an additional N500 surcharge for off-site ATMs.

Reacting to the development on social media, Sani expressed concerns that the increased ATM charges could push Nigerians back to the era of physically cashing cheques inside banks.

“If the CBN continues to increase ATM charges, people will return to the era of physically entering the bank to cash their cheques,” he wrote.

The new directive has sparked widespread reactions, with many bank customers criticizing the policy as an additional financial burden amid the country’s economic challenges.