Nigerians withdrew ₦36.34 trillion through Automated Teller Machines between January and June 2025, almost three times the ₦12.21 trillion recorded in the same period last year, according to data from the Central Bank of Nigeria. The rise came despite higher ATM charges introduced in March to discourage heavy cash usage.
The CBN said the revised fee regime, which removed free monthly withdrawals on other banks’ ATMs, was driven by rising operational costs and the need to improve efficiency. Under the new framework, customers now pay ₦100 for every ₦20,000 withdrawn from another bank’s ATM, with offsite machines attracting additional charges of up to ₦500 per transaction.
Figures from the apex bank’s quarterly statistical bulletin show that withdrawals rose steadily across the period, climbing from ₦15.97 trillion in the first quarter of 2025 to ₦20.36 trillion in the second quarter. Transaction volumes also increased sharply to 858.8 million withdrawals, up from 496.47 million a year earlier.
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The sustained reliance on cash has drawn criticism from labour unions and civil society groups, including the Trade Union Congress and the Socio-Economic Rights and Accountability Project, which has challenged the policy in court. While point-of-sale transactions still dominated in value at ₦147.2 trillion in the first half of 2025, the CBN data show that ATM withdrawals grew at a much faster pace.
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