Nigeria’s ATM withdrawals reached N36.34 trillion in the first half of 2025, a 197.66 per cent increase from N12.21 trillion in the same period of 2024, despite new withdrawal fees introduced by the Central Bank of Nigeria (CBN).
Okay News reports that data from the CBN’s quarterly statistical bulletin show the value of ATM withdrawals nearly tripled year-on-year, reflecting resilient cash usage even as regulators aimed to make cash access more expensive.
Transaction volumes also rose sharply to 858.80 million in H1 2025, up 72.98 per cent from 496.47 million in H1 2024.
Quarterly figures highlight the acceleration: Q1 2025 withdrawals totalled N15.97 trillion (up 192.9 per cent from N5.46 trillion in Q1 2024), with volumes rising 95.3 per cent to 411.42 million.
In Q2 2025, withdrawals hit N20.36 trillion (up 201.7 per cent from N6.75 trillion in Q2 2024), with volumes up 56.5 per cent to 447.39 million.
Monthly data show consistent growth: January 2025 at N4.81 trillion (up from N2.15 trillion), February N5.40 trillion (from N1.72 trillion), March N5.76 trillion (from N1.60 trillion), April N6.38 trillion (from N1.81 trillion), May N7.44 trillion (from N2.49 trillion), and June N6.55 trillion (from N2.45 trillion).
The surge occurred after CBN’s February 2025 fee revision, charging N100 per N20,000 withdrawn from other banks’ ATMs, plus up to N500 per N20,000 on off-site ATMs, and removing three free monthly withdrawals.
Point-of-sale (POS) transactions also grew, with values rising from N85.91 trillion to N147.20 trillion and volumes from 6.40 billion to 7.72 billion, but ATM growth outpaced POS, underscoring enduring cash reliance.
The figures suggest new fees altered patterns but did little to curb ATM demand. For banks, this means higher fee revenues but greater pressure on networks and cash logistics.
