The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to intervene and direct the Central Bank of Nigeria (CBN) to suspend the recent increase in Automated Teller Machine (ATM) withdrawal fees.
The organisation argued that implementing the fee hike while a court case challenging it is still pending is unconstitutional.
The CBN, in a circular issued on February 10, 2025, imposed a ₦100 charge on cash withdrawals from ATMs of banks other than a customer’s own. Additionally, withdrawals at shopping malls, airports, and standalone ATMs now attract an extra surcharge of up to ₦500 per ₦20,000 withdrawal.
SERAP, which has sued the CBN over the policy, insists that the fee increase is unjust and disproportionately affects Nigerians, especially those already struggling with economic hardship.
“We’ve asked the Federal High Court in Lagos to stop the CBN from implementing and enforcing the patently unlawful, unfair, and unjust increase in ATM transaction fees. The increase only benefits the CBN and commercial banks at the expense of poor Nigerians,” SERAP stated.
In a post on its official 𝕏 handle on Sunday, SERAP further urged Tinubu to act swiftly.
“We’ve urged President Tinubu to direct the CBN to immediately suspend the ATM fee hike pending a 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 statement read.
