Nigerians withdrew a complete of ₦36.34 trillion by automated teller machines between January and June 2025 regardless of increased transaction fees launched by the Central {Bank} of Nigeria (CBN) to discourage money utilization.
Knowledge from the CBN’s quarterly statistical bulletin confirmed that ATM withdrawals within the first half of 2025 have been almost thrice the ₦12.21 trillion recorded in the identical interval of 2024.
The figures spotlight Nigeria’s continued reliance on money even after the apex {bank} revised its ATM charge construction in March.
Underneath the revised framework, prospects now pay ₦100 for each ₦20,000 withdrawn from one other {bank}’s ATM.
The coverage additionally eliminated the allowance of three free month-to-month withdrawals and launched extra fees of as much as ₦500 for transactions on offsite ATMs.
In a round explaining the modifications, the CBN stated the overview was pushed by rising operational prices and the necessity to enhance ATM service effectivity throughout the banking trade.
The {bank} stated the brand new fees have been additionally anticipated to speed up ATM deployment and guarantee applicable pricing for customers.
Regardless of the rise in charges, ATM withdrawals rose steadily quarter by quarter.
Withdrawals totalled ₦15.97 trillion within the first quarter of 2025, in contrast with ₦5.46 trillion in the identical quarter of 2024.
The development intensified within the second quarter, with withdrawals rising to ₦20.36 trillion, up from ₦6.75 trillion a 12 months earlier.
Month-to-month information confirmed withdrawals climbed from ₦4.81 trillion in January to ₦5.40 trillion in February and ₦5.76 trillion in March.
The upward development continued within the second quarter, peaking at ₦7.44 trillion in Might earlier than easing barely to ₦6.55 trillion in June.
Transaction volumes additionally elevated sharply, with 858.8 million ATM withdrawals recorded within the six-month interval, in contrast with 496.47 million in the identical interval of 2024.
The info counsel that increased fees had little impact on how incessantly Nigerians accessed money.