A group, Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) to suspend the implementation of the increase in Automated Teller Machine (ATM) transaction fees, pending the hearing and determination of the lawsuit before the Federal High Court, Lagos challenging the legality of the increase.
SERAP also urged the president to seek legal advice from the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN on whether the CBN has the legal responsibilities to uphold the rule of law its operations by suspending the ATM fee hike, pending the determination of the lawsuit on the matter.
SERAP had last month filed a lawsuit against the CBN “over the failure to reverse the patently unlawful, unfair, and unjust increase in ATM transaction fees.
The lawsuit followed the announcement by the CBN that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn. ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500.
Banks ‘are advised to apply the increased ATM fees with effect from March 1, 2025.’
In the open letter dated 1 March 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.”
SERAP said, “It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law.”
According to SERAP, “Implementing the increased ATM fees while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law.”
SERAP also said, “It is in the public interest for the CBN to suspend the increased ATM fees and await the outcome of the lawsuit on the matter.”
