The Central Bank of Nigeria, CBN, has been issued a 48 hours ultimatum to reverse the newly announced hike in Automated Teller Machine, ATM, transaction fees or face legal action.
The Socio-Economic Rights and Accountability Project, SERAP, gave the ultimatum in an open letter dated February 15, 2025.
While describing the increment as “unlawful, unfair, unreasonable, and unjust” SERAP Deputy Director, Kolawole Oluwadare, urged the apex bank governor, Olayemi Cardoso to immediately reverse the policy.
The rights and accountability group noted that the development would worsen the financial hardship faced by Nigerians, particularly those of low-income earning.
The letter titled, ‘SERAP gives CBN 48 hours to withdraw ‘unlawful, unfair hike in ATM transaction’, observed that the increase contradicts 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.
SERAP noted that imposing exorbitant fees at a time when many Nigerians are struggling economically is unfair, unreasonable, and unjust.
In a circular dated February 10, the CBN had announced that ATM withdrawals made at machines outside a bank’s branch premises will now attract a N100 charge per N20,000 withdrawn, while withdrawals at shopping centres, stand-alone cash points and other designated centres will carry an additional surcharge of up to N500 per N20,000 withdrawal.
The directive is expected to take effect from March 1, 2025.
