The Socio-Economic Rights and Accountability Project has described the new hike in Automated Teller Machine transaction fees announced by the central bank of Nigeria (CBN) as unlawful, unfair, unreasonable, and unjust.
The apex bank, in a circular issued on February 10, 2025, imposed ₦100 charges on cash withdrawals from Automated Teller Machines (ATMs) of banks other than the customers’ own while withdrawals at shopping centres, airports, and standalone cash points will carry an additional surcharge of up to N500 per ₦20,000 withdrawal.
The directive takes effect March 1, 2025. In a statement issued on Sunday by SERAP Deputy Director, Kolawole Oluwadare, the organisation urged CBN Governor, Olayemi Cardoso, to reverse the policy immediately.
The release titled, “SERAP gives CBN 48 hours to withdraw ‘unlawful, unfair hike in ATM transaction”, read, “The increase in ATM transaction fees is also entirely inconsistent with the oft-expressed commitment by the government to address the growing poverty across the country.
“We would be grateful if the recommended measures are taken within 48 hours of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.
“The exorbitant and unlawful increase in ATM transaction fees at a time the country is facing economic and financial crises would contribute further to the impoverishment of the population “Imposing exorbitant ATM transaction fees on socially and economically vulnerable Nigerians at a time several Nigerian banks are declaring trillions of naira in profits yearly is manifestly unfair, unreasonable and unjust
