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The House of Representatives has demanded the immediate suspension of the Central Bank of Nigeria’s (CBN) increase in ATM transaction charges.
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The lawmakers argue that the new charges will impose additional financial burdens on Nigerians.
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The House has urged the CBN to suspend the implementation of the policy pending proper engagement with the relevant committees on banking, finance.
The House of Representatives has demanded the immediate suspension of the increase in ATM transaction charges and stoppage of free ATM withdrawals for customers from other banks imposed by the Central Bank of Nigeria (CBN).
According to the lawmakers, the CBN’s directive to increase withdrawal charges and discontinue free ATM withdrawals for customers using other banks’ ATMs has imposed additional financial burdens on Nigerians.
The Green Chamber pointed out that the banking sector has continued to record significant profits, and as such, imposing further charges on consumers without corresponding improvements in service delivery or infrastructure is unjustifiable.
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The decision of the House was sequel to the adoption of a motion moved at the plenary on Tuesday by Marcus Onobun.
Moving the motion, the lawmaker said, “The CBN in its new circular has reviewed the ATM transaction fees stipulated under Section 10.7 of the CBN Guide to charges by banks, other financial and non-bank financial institutions.”
Onobun explained that the new policy would see customers withdrawing from their bank’s ATMs continue to enjoy free withdrawals.
However, customers from other banks transacting from ATMs within the bank premises would be charged N100 per N20,000 withdrawals.
Customers from other banks transacting from ATMs outside the premises of the bank would be charged N100 and an additional surcharge of N500.
The House in its resolutions urged the CBN “to immediately suspend the implementation of this policy, pending proper engagement with the relevant committees on banking, finance, and financial institutions.”
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The lawmakers lamented that Nigerians were already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hike, and numerous banking and service charges that significantly reduce disposable income and negatively impact the economic welfare of citizens.
The lawmakers said the role of government includes protecting citizens from exploitative financial practices that might lead to further economic distress.
“The CBN is bound to maintain the status quo as of February 26, 2025, when the court processes were served, and during the pendency of the lawsuit,” the lawmakers added.
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