Nigerians continued to lean heavily on cash withdrawals despite higher automated teller machine charges introduced by the Central Bank of Nigeria, as the value of ATM transactions jumped to N36.34tn in the first half of 2025, reinforcing the resilience of cash usage in the economy. Data from the CBN quarterly statistical bulletin show that ATM withdrawals between January and June 2025 amounted to N36.34tn, nearly tripling the N12.21tn recorded in the corresponding period of 2024. This represents an increase of N24.13tn, equivalent to a 197.66 per cent year on year rise, even as regulators moved to discourage excessive cash usage through revised fees and tightening monetary policy. According to the data on the transaction volumes, Nigerians carried out 858.80 million ATM withdrawals in the first six months of 2025, compared with 496.47 million transactions in the same period of 2024. The increase of 362.34 million transactions represents a growth rate of 72.98 per cent, indicating that higher charges did little to dampen demand for cash. The sharp rise comes against the backdrop of the CBN’s revised ATM fee regime, which took effect in March 202025.

Punch