The Socio-Economic Rights and Accountability Project (SERAP) has demanded that the Central Bank of Nigeria (CBN) reverse its recent increase in ATM transaction fees, describing the move as unlawful, unfair, and unjust.
In an open letter to CBN Governor Olayemi Cardoso, SERAP urged him to reconsider the policy, warning that it would worsen poverty and place an undue burden on struggling Nigerians.
The CBN’s new directive, set to take effect from March 1, 2025, imposes a ₦100 charge on every ₦20,000 withdrawnfrom off-site ATMs. Transactions at shopping centres, airports, and standalone cash points will also attract an additional surcharge of up to ₦500 per withdrawal.
SERAP’s Deputy Director, Kolawole Oluwadare, signed the letter dated February 15, 2025, stressing that the fee increase only benefits banks while penalising ordinary Nigerians. The group warned that if the policy is not withdrawn within 48 hours, it would pursue legal action to compel compliance.
