CBN issued 48 hours deadline to reverse ‘unjust’ ATM fee hike

An automated teller machine (ATM) dispenses newly-designed Nigerian 1000 naira banknotes in Lagos, Nigeria, on Monday, Feb. 6, 2023. [Getty Images]

The Central Bank of Nigeria (CBN) has been given a 48-hour ultimatum to reverse its newly introduced Automated Teller Machine (ATM) transaction fees, following strong opposition from the Socio-Economic Rights and Accountability Project (SERAP).

In an open letter dated February 15, 2025, SERAP urged CBN Governor Olayemi Cardoso to withdraw the “unlawful, unfair, unreasonable, and unjust” policy.

The advocacy group warned that failure to act would result in legal action against the apex bank.

“The exercise of CBN statutory powers and functions should not inflict misery on poor Nigerians and contribute to human rights abuses,” SERAP’s Deputy Director, Kolawole Oluwadare, stated in the letter.

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The CBN’s new policy, set to take effect from March 1, 2025, will impose a ₦100 charge per ₦20,000 withdrawn from ATMs outside bank branches.

Withdrawals at shopping centres, airports, and standalone cash points will attract an additional surcharge of up to ₦500 per ₦20,000 transaction.

SERAP has criticised the policy as favouring commercial banks at the expense of ordinary citizens.

“The increase in ATM transaction fees ought to have been shouldered by wealthy banks and their shareholders, not the general public,” the letter argued.

Highlighting the banking sector’s profitability, the group warned that the policy contradicts President Bola Tinubu’s commitment to poverty alleviation.

“If we have not heard from you within 48 hours, SERAP shall take all appropriate legal actions to compel you and the CBN to comply in the public interest,” the organisation declared.

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