Abuja, March 2, 2025 – The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct CBN to suspend the ATM transaction fees hike pending determination of its lawsuit before the court.
SERAP filed a lawsuit in February against the CBN asking the apex bank to reverse its recent hike of ATM transaction fees which were increased to between N100 to N500 per withdrawal.
The hike of the ATM transaction fees took effect from March 1, 2025.
SERAP made the request to the president through a letter dated March 1, 2025 and signed by Kolawole Oluwadare, its Deputy Director.
It 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.
SERAP said the suspension of the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.
“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,” it said.
SERAP letter reads in part: “SERAP had on 21 February 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.
“In the lawsuit filed at the Federal High Court, Lagos, SERAP is asking the court to determine ‘whether the decision by the CBN to increase ATM transaction fees is not arbitrary, unfair, unreasonable, and contrary to the provisions of the Federal Competition and Consumer Protection Act 2018.’
“It is in the public interest to keep the streams of justice clear and pure, and to maintain the authority and integrity of the court in the case.
“SERAP notes that since assumption of office in May 2023 you have repeatedly promised, including in your inaugural speech, that ‘Nigeria will be impartially governed according to the Constitution and the rule of law.'” (GBN)
