Nigerians withdrew ₦36.34 trillion through Automated Teller Machines (ATMs) in the first half of 2025, almost three times the ₦12.21 trillion recorded in the same period last year, despite a revised fee regime introduced by the Central Bank of Nigeria (CBN) in March.
The CBN removed the previous allowance of three free monthly withdrawals on other banks’ ATMs, increasing the cost of accessing cash.
Withdrawals accelerated quarter by quarter, with ₦15.97 trillion in Q1 2025 and ₦20.36 trillion in Q2 2025. Transaction volumes also rose to 858.8 million withdrawals, a 73% increase from the previous year.
The sustained demand for cash has drawn criticism from labour unions and consumer groups, who deem the fee hike exploitative.
The CBN attributes the review to rising operational costs and the need to improve ATM efficiency. Under the new framework, customers pay ₦100 for every ₦20,000 withdrawn from another bank’s ATM, with additional charges for offsite ATMs.
