By From Data Price Hikes to ATM Fees: Nigerians Brace for New Financial Burdens
Ghazali Ibrahim
Nigerians are facing fresh economic hurdles as the Central Bank of Nigeria (CBN) has announced an increase in ATM transaction fees, just hours after a sharp surge in MTN data prices sparked outrage across the country.
The new ATM charges, set to take effect on March 1, 2025, are part of the CBN’s strategy to address rising operational costs in the banking sector and maintain financial service efficiency.
A circular signed by John Onojah, the Acting Director of the Financial Policy and Regulation Department of the CBN, outlines the following changes: On-site ATM withdrawals (same bank’s ATM), Customers will now pay a ₦100 charge for every ₦20,000 withdrawal, even at their own bank’s ATM, Off-site ATM withdrawals (other banks’ ATMs) which means withdrawals at other banks’ ATMs will attract a ₦100 fee plus a surcharge of up to ₦450 per ₦20,000 withdrawn, and; International ATM withdrawals which means customers withdrawing cash abroad will be charged a cost-recovery fee based on the foreign bank’s imposed charges.
Previously, customers could make three free withdrawals per month at off-site ATMs of their own banks. Now, every withdrawal will be charged accordingly.
Adding to the financial strain, MTN Nigeria drastically increased data prices overnight. One of the most notable hikes is the 15GB weekly plan, which jumped from ₦2,000 to ₦6,000, prompting backlash from consumers who called the move unfair.
Nigerians have taken to social media to express frustration over the simultaneous increase in both data and ATM fees.
With these financial changes set to take effect in March, Nigerians are preparing for a tougher economic landscape. While CBN insists the ATM charges are necessary for banking efficiency, many believe it will only deepen financial hardship.
Meanwhile, MTN is yet to officially respond to the criticism, leaving many Nigerians uncertain about whether further price hikes are on the horizon.
