NAPS REJECTS EXCESSIVE ATM TRANSACTION CHARGES – CBN MUST REVIEW THIS POLICY IMMEDIATELY
The National Association of Polytechnic Students (NAPS), representing over 2.5 million Nigerian Polytechnic students, strongly condemns the recent hike in Automated Teller Machine (ATM) transaction fees introduced by the Central Bank of Nigeria (CBN) in its circular dated February 10, 2025.
This policy, which enforces exorbitant withdrawal fees for “Not-On-Us” transactions, is exploitative and a direct attack on the financial stability of students and ordinary Nigerians. At a time when many citizens are grappling with economic hardship, it is unacceptable that the CBN is prioritizing revenue generation over the welfare of the people.
OUR POSITION ON THE NEW ATM CHARGES
1. Unfair and Exploitative Fees
The new directive imposes:
₦100 per ₦20,000 withdrawal at on-site ATMs.
Up to ₦500 per ₦20,000 withdrawal at off-site ATMs.
This means a student withdrawing ₦40,000 from an off-site ATM could lose up to ₦1,200 in fees—an outrageous sum for young Nigerians struggling to afford tuition, accommodation, and daily expenses.
2. A Direct Attack on Students & Low-Income Earners
Most polytechnic students lack access to their bank’s ATMs on campuses or in their localities, forcing them to rely on other banks’ ATMs. This policy unfairly punishes them for circumstances beyond their control.
Instead of supporting students and low-income earners, CBN is worsening financial inequality by making basic banking services more expensive for those who rely on cash transactions for their daily needs.
3. Anti-Financial Inclusion & Anti-Student Policy
In a country where digital banking remains unreliable, increasing ATM withdrawal costs discourages financial inclusion.
Additionally, students will be forced to divert funds meant for academic materials toward excessive bank charges. This is not only counterproductive but also a barrier to education and economic growth.
OUR DEMANDS TO CBN & FINANCIAL INSTITUTIONS
As the unified voice of Nigerian Polytechnic students, NAPS demands an immediate reversal of these unjust charges.
We call on:
CBN to suspend and review this exploitative policy in the interest of students and the general public.
Banks to halt any planned implementation of these excessive charges.
The Federal Government to intervene before this policy further impoverishes Nigerians.
We urge all relevant stakeholders to engage in meaningful dialogue to ensure banking policies remain student-friendly, fair, and inclusive.

Signed:
Comr. Oyewumi Joy Festus
National President, National Association of Polytechnic Students (NAPS)
Comr. Jimoh Ibrahim
National PRO, National Association of Polytechnic Students (NAPS)