The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to instruct the Central Bank of Nigeria (CBN) to halt the recent increase in automated teller machine (ATM) withdrawal charges. The group is urging a suspension of the fee hike pending the outcome of an ongoing court case challenging the policy.
In a statement shared on Sunday via its official X (formerly Twitter) account, SERAP emphasized that suspending the fee increase aligns with constitutional principles, including the president’s oath of office to uphold the rule of law. The organization described the new charges as an additional financial burden on Nigerians already grappling with economic hardship.
On February 11, 2025, the CBN announced a revision of ATM transaction fees, effective March 1, 2025. Under the new policy:
Withdrawals from ATMs within customers’ own banks (“on-us transactions”) remain free.
A fee of ₦100 per ₦20,000 withdrawal applies at ATMs located within bank branches.
For withdrawals at ATMs operated by other banks (“not-on-us transactions”), customers face a ₦100 fee plus a surcharge of up to ₦450 per ₦20,000 withdrawal.
The CBN justified the increase by citing rising operational costs and a need to enhance service efficiency. This marks the first adjustment since 2019 when withdrawal fees were reduced from ₦65 to ₦35.
Public Backlash and Legal Action
The revised charges have sparked widespread criticism from consumer advocacy groups and financial analysts. Critics argue that higher transaction fees undermine efforts to promote financial inclusion and cashless banking in Nigeria. Many warn that such policies could push citizens toward informal financial systems, weakening monetary policy implementation.
SERAP has taken legal action against the CBN, filing a lawsuit at the Federal High Court in Lagos to stop the implementation of the new fees. The group contends that the policy violates Nigerians’ economic rights and exacerbates financial hardship amid rising inflation and living costs.
SERAP’s Appeal to President Tinubu
By urging President Tinubu to intervene, SERAP highlights his constitutional responsibility to protect citizens’ interests. The organization argues that suspending the fee hike demonstrates a commitment to public welfare and respect for judicial processes.
“At a time when Nigerians are already struggling with economic instability, this fee hike is unjustified,” SERAP stated. It added that pausing implementation until a court ruling is delivered would provide relief for citizens while ensuring fairness in governance.
The controversy over ATM fees comes as Nigeria faces significant economic challenges. Inflation remains high, and many households are struggling with increased living costs. Meanwhile, President Tinubu recently signed a ₦54.99 trillion budget for 2025 aimed at stabilizing the economy and reducing inflationary pressures.
