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SERAP has given the Central Bank of Nigeria (CBN) a 48-hour ultimatum to reverse the newly announced hike in Automated Teller Machine (ATM) transaction fees.
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It described the hike as “unlawful, unfair, unreasonable, and unjust.
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The organisation warned that if the CBN fails to reverse the decision, it would take legal action to compel the apex bank to comply.
The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) a 48-hour ultimatum to reverse the newly announced hike in Automated Teller Machine (ATM) transaction fees.
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.
SERAP argued that the increase contradicts Section 42(1)(a) of the CBN Act 2007, which mandates the apex bank to ensure “adequate and reasonable financial services for the public” in the national interest.
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The organisation also cited Section 1(c)(d) of the Federal Competition and Consumer Protection Act, 2018, which seeks to “protect and promote the interests and welfare of consumers” and prohibits “restrictive or unfair business practices.”
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“The increase in ATM transaction fees will hit the hardest those at the bottom of the economy and exacerbate the growing poverty in the country.
“CBN policies should not be skewed against poor Nigerians and in favour of banks that continue to declare trillions of naira in profits at the expense of their customers,” SERAP stated.
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