Many Nigerians have been left stunned and frustrated after discovering that withdrawing just ₦10,000 from another bank’s Automated Teller Machine (ATM) now attracts a staggering ₦645 fee.
The revelation has sparked outrage across social media, as users share their disbelief over what they describe as “daylight robbery” by financial institutions. For years, Nigerians have been accustomed to paying a minimal fee—typically ₦35—after the third interbank withdrawal in a month. However, the recent development appears to show a sharp increase in charges, leaving many wondering when and why the new rate was introduced.
Several users took to X (formerly Twitter) to express their frustration. One user wrote:
“I just tried withdrawing ₦10,000 from another bank’s ATM and got charged ₦645! Are we being scammed in broad daylight?”
Another user lamented:
“How can the withdrawal charge be over 6% of the amount withdrawn? The system is just squeezing Nigerians dry.”
While banks have yet to release an official statement addressing the specific ₦645 fee, financial analysts suggest the charge may stem from third-party or non-bank ATMs—often operated by private companies or fintech agents who set their own transaction costs.
The situation has reignited public debate over Nigeria’s increasingly costly banking system, especially as citizens continue to grapple with inflation, fuel price hikes, and the rising cost of living.
