ATM Cash Withdrawals Hit ₦36.3 Trillion as Nigerians Ignore Increased Fees

Cash withdrawals via automated teller machines rose sharply in the first half of 2025, highlighting Nigerians’ sustained reliance on physical cash despite higher transaction charges imposed by the Central Bank of Nigeria.
Data from the CBN show that total ATM withdrawals between January and June 2025 climbed to ₦36.34 trillion, nearly tripling the ₦12.21 trillion recorded during the same period in 2024. This surge occurred even after the regulator implemented a revised fee structure in March to discourage heavy cash usage.
Growth was also evident in transaction volume. Nigerians carried out about 858.8 million ATM withdrawals within the six-month period, up from 496.47 million transactions a year earlier, representing an increase of almost 73 percent. The sharp rise indicates that the higher fees did little to reduce how often customers accessed cash.
Under the revised CBN policy, customers using another bank’s ATM are charged ₦100 for every ₦20,000 withdrawn. Withdrawals from offsite ATMs also attract additional fees of up to ₦500 per transaction. According to the apex bank, the adjustment was necessitated by rising operating costs and the need to enhance the efficiency and sustainability of ATM services nationwide.
The data suggests that, despite ongoing efforts to promote electronic payments, cash remains central to everyday transactions for many Nigerians