Breaking: Reps Order CBN to Suspend ATM Charges Hike

Published on March 11, 2025

The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the recent increase in Automated Teller Machine (ATM) transaction charges.

This decision was made after a motion of urgent public importance was raised by Rep. Marcus Onobun, highlighting the apex bank’s circular announcing the charges.

Lawmakers expressed concerns that the new charges would impose additional financial burdens on Nigerians.

Recall that CBN had announced that customers would be charged ₦100 for every ₦20,000 withdrawn from ATMs of other banks, effective March 1, 2025. An additional surcharge of up to ₦500 would apply for off-site ATMs.

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The House asked the CBN to suspend the policy pending proper engagement with relevant committees on banking, finance, and financial institutions.

The Socio-Economic Rights and Accountability Project (SERAP) has also issued a 48-hour ultimatum to the CBN to reverse the hike, calling it “unlawful, unfair, unreasonable, and unjust”.

The CBN attributed the reviewed charges to rising costs and the need to improve ATM services.

However, criticisms have trailed the new policy, with many arguing it would disproportionately affect Nigerians.

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