The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria a forty-eight-hour ultimatum to reverse the newly announced hike in Automated Teller Machine transaction fees, calling it “unlawful, unfair, unreasonable, and unjust.”
In an open letter dated February 15, 2025, signed by SERAP Deputy Director Kolawole Oluwadare, the organisation urged CBN Governor Olayemi Cardoso to immediately reverse the policy or face legal action.
The organisation argued that it would worsen the financial hardship faced by Nigerians, particularly low-income earners.
SERAP contended that the increase contradicts relevant sections of the CBN Act 2007, which mandate the apex bank to ensure “adequate and reasonable financial services for the public” in the national interest.
The organisation argued that imposing exorbitant fees at a time when many Nigerians are struggling economically is “manifestly unfair, unreasonable, and unjust.”
It warned that the policy creates a two-tiered financial system, discriminating against economically vulnerable citizens who may not afford the extra charges.
According to the CBN’s February 10, 2025 circular, ATM withdrawals made at machines outside a bank’s branch premises will now attract a N100 charge per N20,000 withdrawn, while withdrawals at shopping centres, airports, and standalone cash points will carry an additional surcharge of up to N500 per N20,000 withdrawal.
