Cardoso’s CBN Is ‘Anti-People’, Nigerian Students Lament New ATM Charges

The recent increase in the ATM charges by the Yemi Cardoso-led Central Bank of Nigeria, CBN , has sparked serious reaction from Nigerian students under the aegis of the National Association of Nigerian Students, NANS.

NANS in its reaction to the development in a statement on Monday, described the CBN action an attack on the Nigerian masses, particularly students.

The statement signed by the Clerk of NANS Senate Oladimeji Uthman, said the CBN has placed more pressures on  Nigerians who are struggling to survive due to the current hardship in the country.

The new charges will further “burden Nigerians” who are struggling due to the current economic crisis, NANS said.

NANS further stated that the increase must be reversed failure which the CBN offices across the country will be picketed.

The students’ body however applauded the ongoing efforts by the apex bank to encourage cashless transactions in the country, saying however that the CBN should “focus on strengthening cashless payment systems without making life more difficult for Nigerians.”

“This anti-people policy, slated to take effect from March 1, 2025, is an attack on the financial stability of Nigerian students and the larger populace,’ NANS said.

It added, “According to the circular issued by the CBN Financial Policy and Regulation Department, customers withdrawing from their own bank’s ATM (On-Us transactions) will not be charged, but those withdrawing from another bank’s ATM (Not-On-Us transactions) will face charges of N100 per N20,000 withdrawal on-site and N100 plus a surcharge of up to N500 per N20,000 withdrawal off-site. This is in addition to existing bank charges, which already burden Nigerians.

“The recent increase in ATM withdrawal charges by the Central Bank of Nigeria (CBN) appears to be aimed at discouraging cash transactions and promoting e-banking.

While the objective is understandable, imposing higher withdrawal fees places an unnecessary burden on students and citizens, especially in an already struggling economy

“ Rather than penalizing individuals for withdrawing cash, the CBN should focus on ensuring that businesses, traders, artisans, and institutions fully embrace digital transactions.

“A more effective approach would be to increase charges on those who receive cash payments and later deposit it in banks or hoard cash instead of encouraging electronic transfers.

“A good example is how students used to pay school fees in cash, but with the introduction of online payment platforms, they no longer need to carry physical money.

“This proves that when the right policies are in place, cash transactions naturally reduce without unnecessary financial strain on the public.

“Therefore, we demand the government and the CBN to rethink this policy and focus on strengthening cashless payment systems without making life more difficult for Nigerians

“ Should the CBN fail to reverse this draconian policy, NANS National Secretariat will mobilize students nationwide for a peaceful protest across the CBN state branches and the headquarters, boycotts of banking services, and legal actions to resist this extortion.”