The Socio-Economic Rights and Accountability Project (SERAP) is urging President Bola Tinubu to direct the Central Bank of Nigeria (CBN) to suspend the recent increase in Automated Teller Machine (ATM) transaction fees. This request comes after SERAP filed a lawsuit against the CBN, challenging the legality of the increased fees.
The increased fees, which took effect on March 1, 2025, include a charge of N100 per N20,000 withdrawn from ATMs outside bank branch premises. Additionally, ATM withdrawals at shopping centers, airports, or standalone cash points will incur a N100 fee plus a surcharge of up to N500.
SERAP argues that implementing the increased fees while the lawsuit is pending would undermine the integrity of the judicial system and the rule of law. They emphasize that it is in the public interest for the CBN to suspend the increased fees and await the outcome of the lawsuit.
Source: Vanguard
