Connect with us


BIG STORY

ATMs Loaded With Cash As N100 Withdrawal Fee Begins

Published

on

Banks have stocked their ATMs with cash as the N100 transaction fee began on March 1.

The Central Bank announced the revised ATM transaction charges in a circular dated February 10, 2025. According to the new structure, withdrawals from a customer’s own bank ATMs will remain free of charge.

However, customers using ATMs of other banks will incur a N100 fee for withdrawals of N20,000 or less at on-site ATMs — those located within or affiliated with bank branches.

Off-site ATMs situated outside bank premises, like those at shopping malls, fuel stations, and public spaces, will attract an additional surcharge of up to N500 per transaction.

For international ATM withdrawals, charges will be based on cost recovery, meaning customers will pay the exact fee applied by the international acquirer. The CBN also clarified that withdrawals below N20,000 from another bank’s ATM will still attract the N100 fee per transaction.

During a Sunday afternoon check in Lagos (by The Punch), banks were seen loading their ATMs with cash to prevent their customers from using other banks’ ATMs and paying the extra charge.

At the Wema Bank branch at Barracks Bus Stop along Funsho Williams Avenue, the ATMs displayed a message to other banks’ cardholders that they would be charged “N107.50 inclusive in addition to the stated amount.”

All four ATMs at the branch were loaded with cash. When asked about the new charge, a security officer at the bank said, “There was nothing they could do, as it was from the authorities.”

At a First Bank branch nearby, the ATMs informed non-customers attempting withdrawals, “The amount charged on your account may include a fee of N100 in addition to the requested amount.”

ATMs at Access Bank, Ojuelegba asked customers to confirm if they were willing to pay the N100 access fee before proceeding.

A Union Bank cardholder attempting to withdraw N10,000 was prompted with, “Please confirm if you wish to continue, Amount withdrawn: N10,000, access fee: N100, transaction amount: N10,100.”

At Zenith Bank near Empire Bus Stop, the ATMs displayed, “The amount charged to your account will include a fee of N107.50.”

Guaranty Trust Bank (GTBank) provided a detailed breakdown, stating, “Dear valued customer, in line with CBN’s directive, there will be a charge of N100 and N7.50 VAT for cash withdrawals of other banks’ cards on GTCo ATMs.”

Some customers expressed frustration over the additional charges.

A security worker, Eze Chinonso, said, “This is another cost I must pay to use my money. The cost of data has gone up and other costs as well. Honestly, this is squeezing an already stressed pocket.”

On social media platform X, user Opel Nnenna (@opelnnenna3) shared an email from a fintech firm, which partly read, “In line with the CBN’s recent review of ATM withdrawal fees, you will be charged the following fees by other banks when you make ATM withdrawals with your Kuda Card from this Saturday, March 1, 2025: Fee for withdrawals at ATMs on any bank’s premises. For every withdrawal of N20,000 or less that you make at an ATM located on any bank’s premises, the bank that owns the ATM will charge you a fee of N100. For withdrawals that exceed N20,000 within a day, you’ll be charged an additional fee of N100 for every extra N20,000 or less that you withdraw.”

Opel added, “I’m deeply concerned about the increasing banking charges imposed on Nigerian citizens by the Central Bank of Nigeria and the government. It seems unfair that citizens are being charged multiple fees. The economic hardship is becoming unbearable for most Nigerians. If the current administration and CBN leadership cannot effectively manage the country’s financial system in a way that serves the citizens, perhaps it’s time for new leadership with fresh perspectives. The CBN Governor should understand that citizens are suffering from these policies. These excessive charges are particularly burdensome, given the limited funds many Nigerians have in their accounts.”

The CBN advised customers to avoid the fees by using only their bank’s ATMs or alternative payment methods. The bank suggested, “You should withdraw money from your bank’s ATM (On-Us transaction) to avoid the transaction fees. Additionally, limiting your use of off-site ATMs is advisable to minimise the surcharge. Further, consumers can explore other payment channels such as mobile apps, POS devices for payments, etc.”

Meanwhile, the Trade Union Congress (TUC) and the Socio-Economic Rights and Accountability Project (SERAP) have called for the suspension of the charges.

The TUC, in a statement signed by its president, Festus Osifo, and Secretary-General, Comrade Nuhu Toro, said, “Our attention has been drawn to a circular from the CBN announcing an increase in ATM transaction fees, effective March 1, 2025. We say unequivocally: enough is enough. The Nigerian workers and the general public have endured relentless economic hardship under this administration. Every day brings a new burden—higher taxes, rising electricity tariffs, exorbitant call and data charges, and now, increased ATM fees. This government has failed to cushion the effects of its harsh economic policies, and the patience of Nigerians is wearing thin.”

On Sunday, SERAP urged President Bola Tinubu to instruct the CBN to suspend the charges, saying, “We’ve urged President Tinubu to direct the CBN to immediately suspend the ATM fee hike pending a court verdict on the matter. This is entirely consistent with the Nigerian Constitution 1999 [as amended], his oath of office, and promises to uphold the rule of law.”

Advertisement

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BIG STORY

Road To 2027: We’re Ready To Join APC, Says Kwankwaso, Gives Condition

Published

on

The presidential candidate of the New Nigeria People’s Party (NNPP) in the 2023 elections, Senator Rabiu Musa Kwankwaso, has expressed readiness to return to the All Progressives Congress (APC), but only on what he described as a “strong condition.”

Kwankwaso’s declaration ends months of speculation about his political future and has heightened tension within the ruling party and the wider political space.

The former Kano State governor made the remarks on Thursday while receiving Buhari Bakwana, a former political aide to ex-Governor Abdullahi Ganduje, who visited him alongside APC members from the 44 local government areas of Kano State.

He insisted that any talks of returning to APC or merging with it must clearly define what the NNPP stands to gain.
“If you are asking us to join APC, you must tell us what NNPP will gain,” he said.

Kwankwaso maintained that while the NNPP was open to discussions, it would not accept being “used and dumped.” He reminded the delegation of his role in establishing APC in 2013, saying he and his allies endured political persecution at the time.

“We have gubernatorial candidates in all the states and full structures nationwide. What will you offer them if we join?” he asked.
“We are ready to join APC under strong conditions and promises. We will not allow anyone to use us and later dump us.”

The former defence minister also recalled his frustrations with both APC and PDP in past alliances, accusing the two parties of breaching agreements.

“Eight years of APC under the immediate past President Muhammadu Buhari gave us nothing, not even appreciation. In PDP, we asked for just a zonal party chairman, but they refused. We left peacefully, and today we are strong and have integrity,” he said.

His latest statement contrasts with his earlier remarks at the NNPP National Executive Council meeting, where he had pledged to remain with the party despite swirling rumours of his impending defection.

Reacting to Kwankwaso’s comments, the State Secretary of APC in Kano, Hon. Zakari Ibrahim Sarina, said the party would welcome him back if he abides by party principles.

“Kwankwaso can’t come to APC to control the party that has national spread. Remember, APC is not NNPP, which he established and controls,” Sarina said.

“We are ready to welcome Kwankwaso back to APC because his return is an added advantage to the ruling party. Another reason the party will be willing to have him is the peace and tranquillity in Kano. We need social and economic development in Kano,” he added.

Continue Reading

BIG STORY

Protest Rocks Lagos Over Alleged Killing Of Marwa Driver By NURTW Boss

Published

on

A 55-year-old transport union leader on Lagos Island, Shamsideen Oladiti, widely known as Shamelon, has been taken into custody over accusations of assault and murder.

The Lagos State Police Command confirmed his arrest in a statement on Friday, noting that Oladiti is being detained at the State Criminal Investigation Department (SCID), Panti-Yaba, where investigations into both incidents are ongoing.

Information made available indicates that on September 17, 2025, around 3 p.m., the suspect attacked a dispatch rider in Lagos Island, allegedly using his fists and a helmet to inflict serious injuries.

The rider was rushed to a hospital and is said to be receiving treatment on oxygen support.

It was gathered that Oladiti had earlier been accused in another case linked to an altercation on August 28, 2025.

In that encounter, he allegedly used a metallic ring to repeatedly strike a man on the head and face, causing severe wounds.

Despite medical attention, the man passed away on September 17, 2025, and his body has since been deposited in a mortuary for autopsy.

News of the victim’s death sparked protests at the suspect’s office in Sandgrouse Market, Lagos Island, where mourners of the deceased set two motorcycles ablaze, escalating tensions in the area.

Lagos State Commissioner of Police, CP Olohundare Jimoh, led a team of mobile policemen, tactical squads, and regular officers to the scene to restore calm.

He assured residents that the suspect remains in custody and would face charges once investigations are finalized.

The commissioner also appealed for calm, urging Lagos residents to remain peaceful and law-abiding while stressing the police command’s commitment to delivering justice.

Meanwhile, the command’s spokesperson, SP Abimbola Adebisi, clarified that the dispatch rider attacked on Wednesday is still alive, contrary to earlier reports of his death.

She said: “We have confirmed from the family that he is still alive. He is not dead, although he is currently breathing with the aid of oxygen.

“The one who died passed on September 17th. He was also beaten by Oladiti on August 28th but died on Wednesday, September 17th.”

Continue Reading

BIG STORY

Fubara To Address Rivers People At 6pm

Published

on

The reinstated governor of Rivers State, Siminalayi Fubara, resumed duty at the Government House, Port Harcourt, on Friday and announced plans to address residents of the state by 6 p.m.

His return comes after the expiration of the emergency rule imposed on the state by President Bola Tinubu on March 18.

Earlier on Friday, Fubara arrived at the Port Harcourt International Airport, Omagwa, accompanied by his wife, Deputy Governor Prof. Ngozi Nma Odu, Chief of Staff Edison Ehie, and other officials.

He was warmly received by former commissioners, local government chairmen, and other political leaders who gathered to welcome him.

Upon his arrival at the Government House, the governor expressed gratitude to Rivers people for their overwhelming show of support.

He said: “I know everybody wants to hear something from me. In fact, I expected it when I landed.

“Let me first of all appreciate the wonderful people of Rivers State. I am really humbled by what I saw at the Airport.

“I was thrilled by the photographs of what happened here yesterday. That reception really humbled me.

“It shows love, confidence and solidarity. I want to say that it is not just a celebration. It is a show of the reactivation of the bond between this government and the people of Rivers State.

“I want to assure you that we will, by the grace of God, continue to give those things that made you people love us. I want to thank everybody and to say that we love you, but God loves you more.”

Continue Reading


 

 


 

 

 

Join Us On Facebook

Most Popular