The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Central Bank of Nigeria (CBN) to suspend the recent increase in ATM withdrawal fees.
SERAP argues that the hike should be put on hold until the Federal High Court in Lagos rules on its legality.
In February 2025, SERAP filed a lawsuit against the CBN, challenging the fairness and legality of the fee increase. The CBN had announced that ATM withdrawals from machines outside bank premises would now attract a charge of ₦100 per ₦20,000 withdrawn.
Withdrawals at shopping centres, airports, or standalone cash points would also include an extra surcharge of up to ₦500.
In an open letter dated March 1, 2025, SERAP’s deputy director, Kolawole Oluwadare, stated that allowing the court to decide the case before implementing the fee hike would uphold the rule of law.
The group also urged the president to seek legal advice from the Attorney General on whether the CBN has the authority to proceed with the increase while a lawsuit is pending.
SERAP stated that implementing the fee hike while the case is still in court would undermine the judiciary and contradict Tinubu’s pledge to govern according to the constitution and the rule of law.
The lawsuit, filed on February 21, 2025, asserts that the CBN’s decision is unfair, arbitrary, and in violation of consumer protection laws.
The court has already served the lawsuit notice to the CBN, which has acknowledged receipt.
SERAP insists that the CBN must wait for the court’s ruling before proceeding with the ATM fee increase, ensuring justice and fairness for Nigerian consumers.
