The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Central Bank of Nigeria (CBN) to immediately suspend the recent hike in automated teller machine (ATM) withdrawal charges pending the outcome of a court ruling on the matter.
In a tweet on X (formerly Twitter) on Sunday, SERAP stated:
“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.”
The Central Bank of Nigeria (CBN) recently approved an increase in ATM withdrawal charges, raising concerns among Nigerians about the impact on financial inclusion and access to banking services. Under the new policy, bank customers will be charged higher fees for cash withdrawals from ATMs of other banks—a move that has sparked widespread criticism from consumer advocacy groups and civil society organizations.
SERAP, a leading rights organization focused on promoting transparency and accountability, has already filed a lawsuit challenging the fee increase, arguing that it violates the economic rights of Nigerians and places an additional financial burden on already struggling citizens.
Some financial analysts have also criticized the CBN’s decision, arguing that it contradicts ongoing efforts to promote cashless transactions and enhance banking accessibility. They warn that higher transaction costs could drive more Nigerians towards informal financial systems, reducing the effectiveness of the country’s monetary policies.
SERAP, last week, filed a lawsuit at the Federal High Court in Lagos, seeking to stop the CBN from implementing the recent increase in Automated Teller Machine (ATM) transaction fees.
However, a N100 fee per N20,000 withdrawal will apply at on-site ATMs—those located within bank branches.
For withdrawals at ATMs of other banks (not-on-us transactions), a N100 fee plus a surcharge of up to N450 per N20,000 withdrawal will be charged at off-site locations.