Naija247news has uncovered a major development that is set to hit millions of Nigerians in their wallets, as the Central Bank of Nigeria (CBN) has announced a significant increase in ATM transaction fees. According to Naija247news, commercial banks will begin implementing the new charges starting March 1, 2024, sparking widespread concern and outrage among citizens already grappling with economic hardships.
Thank you for reading this post, don't forget to subscribe!According to Naija247news, the CBN, in a circular issued to all deposit money banks, disclosed that the fee for cash withdrawals from ATMs outside a customer’s bank network will rise sharply from ₦35 to ₦100 per transaction. The decision, which has been described as “inevitable” by the apex bank, is aimed at addressing the rising operational costs of maintaining ATM services across the country. However, many Nigerians view the move as an additional financial burden amid soaring inflation and stagnant incomes.
Naija247news gathered that the announcement has triggered a wave of criticism from the public, with many expressing frustration on social media platforms. “This is another way to squeeze money out of the masses,” one Twitter user wrote. “How can we survive with all these sudden increases?” Another user lamented, “The timing is terrible. People are struggling to make ends meet, and now this?”
Financial experts have also raised concerns about the potential impact of the fee hike. Naija247news understands that analysts fear the increase could discourage the use of ATMs, particularly in rural areas where digital banking infrastructure remains underdeveloped. “This policy may push more people to keep cash at home, which could increase the risk of theft and reduce financial inclusion,” said a Lagos-based economist.
In response to the backlash, the CBN has defended its decision, stating that the adjustment is necessary to ensure the sustainability of ATM services. A spokesperson for the apex bank told Naija247news, “The new fees reflect the current economic realities and will enable banks to continue providing efficient and reliable services to their customers.”
Despite the explanation, many Nigerians remain unconvinced. Naija247news reports that civil society groups and consumer rights organizations are already mobilizing to challenge the decision, with plans for protests and petitions in the works. As the March 1 implementation date approaches, the fee hike has become a focal point of national discourse, highlighting the growing financial pressures faced by ordinary citizens.
