The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Central Bank of Nigeria (CBN) to suspend Automated Teller Machine (ATMs) fee hike.
SERAP argued that it was unconstitutional for the CBN to go ahead with the ATM fee hike while there was a court case against the policy.
Naijaonpoint reported that the apex bank, in a circular issued on February 10, 2025, imposed ₦100 charges on cash withdrawals from ATMs of banks other than the customers’ own while withdrawals at shopping centres, airports, and standalone cash points will carry an additional surcharge of up to ₦500 per ₦20,000 withdrawal.
SERAP sued CBN for imposing the additional fee for withdrawal through ATMs, declaring it unfair and unjust.
“We’ve asked the Federal High Court in Lagos to stop the CBN from implementing and enforcing the patently unlawful, unfair and unjust increase in ATM transaction fees. The increase only benefits the CBN and commercial banks at the expense of poor Nigerians,” it said.
In a brief statement on Sunday, on its 𝕏, SERAP wrote: “We’ve urged President Tinubu to direct the CBN to immediately suspend the ATM fee hike pending court verdict on the matter. This is entirely consistent with the Nigerian Constitution 1999 [as amended], his oath of office and promises to uphold the rule of law.”