BREAKING: Nigerian Banks Begin Charging N100 Per N20,000 ATM Withdrawal, N600 for Off-Site ATMs Following CBN Directive

Nigerians have expressed frustration as banks across the country begin deducting N100 for every N20,000 withdrawn from on-site ATMs and N600 for withdrawals from off-site ATMs in compliance with a new directive from the Central Bank of Nigeria (CBN).

The new charges, which took effect today, have sparked public outcry, with many Nigerians lamenting the additional financial burden amidst rising inflation and economic hardship.

A Lagos-based customer, Chinedu Okeke, voiced his concerns: "Why should I be charged just for withdrawing my own money? Times are already hard, and now banks are making things worse with these deductions."

Similarly, traders and business owners fear that these fees will further strain their daily transactions, as many rely on cash for business operations.

The CBN has yet to issue an official statement explaining the rationale behind the policy, but financial analysts suggest it is part of efforts to reduce cash transactions and encourage digital banking.

With Nigerians already grappling with high bank charges and service deductions, many are calling on the CBN to review this policy to ease the financial strain on citizens.