The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria, CBN, a 48-hour ultimatum to reverse the newly announced hike in Automated Teller Machine transaction fees, calling it “unlawful, unfair, unreasonable, and unjust.”
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.
The organisation argued that it would worsen the financial hardship faced by Nigerians, particularly low-income earners.
The letter was titled, “SERAP gives CBN 48 hours to Withdraw ‘Unlawful, Unfair Hike in ATM Transaction.”
According to the CBN’s February 10, 2025 circular, ATM withdrawals made at machines outside a bank’s branch premises will now attract a N100 charge per N20,000 withdrawn, while withdrawals at shopping centres, airports, and standalone cash points will carry an additional surcharge of up to N500 per N20,000 withdrawal.
SERAP contended 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.
“The CBN is failing to comply with the Nigerian Constitution, the Federal Competition and Consumer Protection Act, and international human rights obligations.”
SERAP demanded that the CBN reverses the decision within 48 hours of the receipt and/or publication of its letter or face legal action.
“If we have not heard from you by then, we shall take all appropriate legal actions to compel you and the CBN to comply in the public interest,” SERAP stated.