Nigerians withdrew a total of ₦36.34 trillion through automated teller machines between January and June 2025 despite higher transaction charges introduced by the Central Bank of Nigeria (CBN) to discourage cash usage.
Data from the CBN’s quarterly statistical bulletin showed that ATM withdrawals in the first half of 2025 were nearly three times the ₦12.21 trillion recorded in the same period of 2024.
The figures highlight Nigeria’s continued reliance on cash even after the apex bank revised its ATM fee structure in March.
Under the revised framework, customers now pay ₦100 for every ₦20,000 withdrawn from another bank’s ATM.
The policy also removed the allowance of three free monthly withdrawals and introduced additional charges of up to ₦500 for transactions on offsite ATMs.
In a circular explaining the changes, the CBN said the review was driven by rising operational costs and the need to improve ATM service efficiency across the banking industry.
The bank said the new charges were also expected to accelerate ATM deployment and ensure appropriate pricing for consumers.
Despite the increase in fees, ATM withdrawals rose steadily quarter by quarter.
Withdrawals totalled ₦15.97 trillion in the first quarter of 2025, compared with ₦5.46 trillion in the same quarter of 2024.
The trend intensified in the second quarter, with withdrawals rising to ₦20.36 trillion, up from ₦6.75 trillion a year earlier.
Monthly data showed withdrawals climbed from ₦4.81 trillion in January to ₦5.40 trillion in February and ₦5.76 trillion in March.
The upward trend continued in the second quarter, peaking at ₦7.44 trillion in May before easing slightly to ₦6.55 trillion in June.
Transaction volumes also increased sharply, with 858.8 million ATM withdrawals recorded in the six-month period, compared with 496.47 million in the same period of 2024.
The data suggest that higher charges had little effect on how frequently Nigerians accessed cash.
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