*CBN Tells Banks: Keep ATMs Stocked with Cash as New Fees Kick In* The Central Bank of Nigeria (CBN) is putting pressure on banks to make sure their ATMs are loaded with cash, especially as new transaction fees are set to take effect on March 1. The move comes after the CBN announced updated charges for ATM withdrawals, sparking mixed reactions from Nigerians. Under the new rules, withdrawing cash from your own bank’s ATM remains free. But if you use another bank’s ATM, you’ll be charged ₦100 for withdrawals of ₦20,000 or less at on-site ATMs (those located inside or near a bank branch). For off-site ATMs—like the ones you find in malls, gas stations, or other public spaces—the fee jumps to ₦500 per transaction. International withdrawals will also cost more, with customers footing the exact fees charged by foreign banks. John Onoja, the Acting Director of the CBN’s Financial Policy and Regulation Department, explained that the fee hike is partly due to rising operational costs. “Banks need to cover their expenses while still providing quality services to customers,” he said during an interview on Arise TV. Onoja also shut down rumors that the new fees are a way to reduce cash in circulation. “This isn’t about mopping up cash,” he clarified. “The CBN has other tools for that. This is about making sure ATMs actually have cash when people need it.” He emphasized that the CBN is committed to ensuring Nigerians have access to cash, especially in remote areas where digital payment options might not be widely available. “Cashless doesn’t mean no cash,” Onoja said. “It just means using less cash. But for those who need physical money, ATMs should be ready and stocked.” The CBN is also pushing banks to step up their game by improving both cash availability and digital banking services. “Banks need to make sure their customers don’t have to pay extra fees at competitors’ ATMs,” Onoja added. “If your bank’s ATMs are empty, customers will go elsewhere, and that’s bad for business.” For Nigerians, the message is clear: Banks need to do better. Whether you’re withdrawing cash or paying digitally, the CBN wants you to have a smooth experience. So, if your bank’s ATMs are always empty, it might be time to ask them why. As the new fees roll out, the CBN is urging banks to keep their ATMs stocked and their services reliable. After all, nobody wants to pay extra just to access their own money.