Nigerians withdrew about ₦36.34 trillion through Automated Teller Machines between January and June 2025, nearly three times the ₦12.21 trillion recorded in the same period last year, according to data from the Central Bank of Nigeria. The apex bank said the sharp rise came despite the introduction of a revised ATM fee regime in March, which removed free monthly withdrawals on other banks’ ATMs and increased transaction costs in a bid to discourage heavy cash usage and improve operational efficiency.

The CBN explained that the review was driven by rising operational costs and the need to enhance ATM services, noting that withdrawals accelerated quarter by quarter, with transaction volumes rising to about 859 million in six months.

While labour unions and consumer groups criticised the higher charges as exploitative and burdensome to low-income earners, some banking stakeholders said the increase was inevitable. The data, however, showed that demand for cash remained strong, even as electronic payment channels such as point-of-sale transactions continued to grow in overall value.