The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Central Bank of Nigeria (CBN) to suspend the implementation of the increase in Automated Teller Machine (ATM) transaction fees.
It argued that the increment must be suspended because of a lawsuit challenging the legality of the policy at a Federal High Court in Lagos.
SERAP had on February 21, 2025 filed the lawsuit with number FHC/L/CS/344/2025 against the CBN over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in ATM transaction fees.
“The court processes were duly served on 26 February 2025 on the CBN in Abuja. The CBN has acknowledged receipt of the processes,” the group said in a statement.
SERAP also urged the President to seek legal advice from the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN) on whether the CBN has the legal responsibilities to uphold the rule of law its operations by suspending the ATM fee hike, pending the determination of lawsuit on the matter.
The lawsuit filed by SERAP followed the announcement by the CBN that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.
ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500.
In the open letter signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation said: “Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.”
SERAP said, “It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law.
“Implementing the ATM fee hike while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law.
“The CBN is bound to suspend the increase in ATM transaction fees, and await the outcome of the lawsuit.
The letter, read in part: “The CBN has the responsibilities to uphold the due process of law, protect the integrity of the judicial process, and ensure that its practices and operations do not make nonsense of the rule of law or the court.”