The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend its newly announced ATM transaction charges.
The CBN’s policy, which was set to take effect on March 1, 2025, would have removed the three free monthly withdrawals previously allowed for customers using ATMs of banks other than their own.
Under the new policy, customers would be charged N100 for every N20,000 withdrawn from another bank’s ATM. Additionally, off-site ATMs would impose a surcharge of up to N500 per N20,000, on top of the statutory N100 fee.
Lawmakers expressed concerns that the new charges would exacerbate the financial strain on citizens already grappling with economic challenges.
They argued that the policy would disproportionately affect low-income Nigerians and could discourage the use of ATMs, pushing more people towards informal banking methods.
The CBN defended the policy, citing rising operational costs and the need to improve the efficiency of ATM services across the country.
However, the announcement has sparked widespread criticism from the public and lawmakers.
The House of Representatives’ resolution calls on the CBN to halt the implementation of the policy pending further consultations with relevant House committees.
The lawmakers emphasized the need for the CBN to engage stakeholders and consider the broader implications of the policy before implementation.
