The National Association of Nigerian Students has rejected the recent increase in ATM charges by the Central bank of Nigeria.
In a statement issued on Monday by the Clerk of the Senate at NANS National Headquarters, Oladimeji Uthman, the association described the increment as an attack on the financial stability of Nigerian students and the larger populace
The association bemoaned that the increment places an unnecessary burden on students and citizens, especially in an already struggling economy
NANS threatened to shutdown Central bank of Nigeria, CBN branches across the country and headquarters in the country.
The students association however call on government and CBN to rethink the policy and focus on strengthening cashless payment systems without making life more difficult for Nigerians.
“The National Association of Nigerian Students (NANS) National Headquarters, vehemently rejects the newly announced Automated Teller Machine (ATM) withdrawal charges by the Central Bank of Nigeria (CBN).
“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.
“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.
“We will not sit back and watch while policies that impoverish students and Nigerians continue unchecked. Enough is enough, ” the statement reads.
Tribuneonline
