The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its decision to increase Automated Teller Machine (ATM) transaction fees, which the organization describes as “unlawful, unfair, unreasonable, and unjust.”
In a recent directive, the CBN announced that ATM withdrawals made at machines outside bank premises would attract a charge of N100 per N20,000 withdrawn.
It is also revealed that withdrawals from ATMs located in shopping centres, airports, or standalone cash points would incur an additional surcharge of up to N500 per N20,000 withdrawal.
SERAP, in suit number FHC/L/CS/344/2025 filed last Friday at the Federal High Court, Lagos, is seeking a judicial determination on whether the CBN’s decision to increase ATM transaction fees violates the Federal Competition and Consumer Protection Act (FCCPA) 2018.
The lawsuit, filed by SERAP’s counsel, Kolawole Oluwadare and Andrew Nwankwo, argued that the fee hike is discriminatory and disproportionately affects lower-income Nigerians.
SERAP asserted that the increase in ATM charges fosters a two-tiered financial system that disadvantages economically vulnerable citizens who may struggle to afford the higher fees.
SERAP contended that the fee hike is inconsistent with the provisions of the Nigerian Constitution, the CBN Act, and the Federal Competition and Consumer Protection Act, as well as the country’s international human rights obligations.
“The patently unlawful, unfair, unreasonable, and unjust increase in ATM transaction fees also inherently contributes to violations of the human rights of socially and economically disadvantaged Nigerians,” SERAP stated in its suit.
Furthermore, SERAP argued that the CBN’s decision contradicts its stated mission to promote economic management and sustainable development.
