CBN's new ATM fees trigger outrage: Nigerians speak out

Guardian Nigeria

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00:00In a move that has sparked widespread public outcry, the Central Bank of Nigeria, CBN,

00:09has enforced new ATM withdrawal charges effective March 1, 2025.

00:16The revised fees include a charge of N100 for every N20,000 withdrawn from on-site ATMs

00:25of other banks, with an additional surcharge of up to N500 for off-site withdrawals.

00:33The Trade Union Congress, TUC, has condemned the policy, arguing it prioritizes revenue

00:41over citizen welfare.

00:43Students and low-income earners are particularly affected, as they often rely on ATMs of other

00:51banks due to limited access to their own bank's ATMs.

00:56The banking sector's significant profits without corresponding improvement in service

01:02delivery or infrastructure have also been highlighted as a reason why these new charges

01:09are unjustifiable.

01:12Small business owners and traders who frequently use ATMs for cash transactions are concerned

01:19about the impact on their operations.

01:22The increased costs could lead to higher prices for goods and services, further straining

01:29the economy.

01:30Concerning this new monetary policy, the money is much.

01:37I don't know if our representative or those we elect in power to actually serve us.

01:43I don't know if they are thinking forward or they are thinking backward, because I'm

01:46not seeing how this is supposed to help the economy.

01:49How do I pay 100 Naira to withdraw from my own bank and about 500 Naira to withdraw from

01:56another bank's ATM?

01:58It's crazy, it is ridiculous, the country is already too hard, and this should be rejected

02:05instantly.

02:06Nigerians, I hope we'll join hands together to say no to this.

02:09It's outrageous.

02:10We Nigerians have been living before now, while we use ATM.

02:16Before now it is free during Sanosi, but in this present day, you pay 100 Naira, even

02:24when you are withdrawing 1000 Naira, it's really a burden on the whole Nigerians.

02:29This is more like an extra financial burden upon us, because we already have a financial

02:35burden, and this new rule is going to make it extra.

02:39Imagine having a situation of when you're using money to buy money, imagine something

02:43like that.

02:44You send the same 10,000 and you don't have the worth of that 10,000.

02:48At the end of the day, from the transfers you've made, a friend made me 10,000 transfers,

02:52I have to make the transfer to someone else, and the person has to make the transfer to

02:56someone else.

02:57Obviously, the person is not going to get that 10,000 Naira, he's going to get like

03:00about 8,500 Naira.

03:02So where is the remaining 500 Naira going to go?

03:04We don't know.

03:05Obviously, it has been deducted as several charges to several banks that we don't even

03:08know about.

03:09Surely it's another burden on the poor Nigerians.

03:12I don't know why they will be charging that.

03:15Upon all the money they will deduct from your account, money for this, maintenance, this.

03:21Each transaction, they deduct money.

03:23So if you are using the ATM, they deduct money.

03:25So why don't you patronize the POS and get what you needed to do?

03:29And more so, the money you withdraw from the ATM, you don't get 20 or 30,000, they will

03:36put 10,000 Naira, and they will charge more than 200, 100 Naira, three, four, five times.

03:42And at the POS, you just pay 300 or 400 to get any amount you needed.

03:47I think they are working on suspending it, but at the moment, the effect is something else.

03:55For me, it's a burden, because one does not have a good means of living with a small money.

04:02Once the money comes to your account, they even charge you for any money that comes to your account.

04:07Meanwhile, when you don't have money, nobody will debit you.

04:09But as long as money comes, it's not a matter of money.

04:11What you have in your account, you want to withdraw, the money is less.

04:14So for me, for the POMS, it's not good at all, it's not encouraging.

04:19Amidst this backlash, the House of Representatives has stepped in, calling on the CBN to suspend

04:27the policy due to the current economic hardship.

04:31The decision follows a motion of urgent public importance raised by Marcos Onobu, a lawmaker

04:38from Edo State, during Tuesday's March 11, 2025 plenary session.

04:44He criticized the CBN for imposing additional financial burdens on Nigerians by scrapping

04:51free ATM withdrawals at other banks.

04:55This policy has ignited a heated debate about the balance between financial regulation and

05:02consumer welfare.

05:04As Nigerians navigate these changes, it remains to be seen how the CBN will respond to the

05:11mounting criticism.

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