Abuja, Feb. 16, 2025 – The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) 48-hour ultimatum to reverse the newly announced increase in Automated Teller Machine (ATM) transaction fees.
The CBN, had in a circular dated Feb. 10, 2025, announced that ATM withdrawals made outside a bank’s branch premises will now attract a N100 charge per N20,000 withdrawal, while withdrawals at shopping centres, airports and stand-alone cash points will carry an additional surcharge of up to N500 per N20,000 withdrawal.
SERAP described the increases as “unlawful, unfair, unreasonable, and unjust.
It gave the ultimatum in an open letter signed by Kolawole Oluwadare, its Deputy Director and dated Feb. 15, 2025.
SERAP said the new charges would worsen the financial hardship being faced by low-income earners and appealed to the CBN to reverse the decision immediately.
It gave the apex bank 48 hours to reverse the decision or it would take legal action.
The letter said the increase was in contradict with Section 42(1)(a) of the CBN Act 2007, which mandates the apex bank to ensure “adequate and reasonable financial services for the public” in the national interest.
The letter also cited Section 1(c)(d) of the Federal Competition and Consumer Protection Act, 2018, which seeks to protect and promote the interests and welfare of consumers and prohibits restrictive or unfair business practices.
It said CBN policies should not be skewed against poor Nigerians and in favour of banks that continue to declare trillions of naira in profits at the expense of their customers.
SERAP said imposing exorbitant fees at a time when many Nigerians were struggling economically was unfair, unreasonable, and unjust, warning that the policy would create a two-tiered financial system, discriminating against economically vulnerable citizens who may not afford the extra charges.
It said the increase contradicted the Tinubu administration’s commitment to addressing poverty.
SERAP said the CBN was failing to comply with the Nigerian Constitution, the Federal Competition and Consumer Protection Act, and international human rights obligations.
