The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its recent increase in Automated Teller Machine (ATM) withdrawal fees.
In the suit, filed at the Federal High Court in Lagos, SERAP argues that the hike is “unlawful, unfair, and unreasonable,” violating consumer protection laws and the rights of Nigerians.
The CBN’s new policy imposes a ₦100 charge for withdrawals at ATMs outside a bank’s premises and an additional surcharge of up to ₦500 at standalone cash points.
SERAP is seeking a court order to stop the implementation of the charges, stating, “The increase creates a two-tiered financial system that discriminates against poor Nigerians who may not be able to afford or pay the increased ATM fees.”
The court has yet to set a date for the hearing.
