- FG told to wait for court rulling before activating ATM transaction fees
- SERAP argued that implementing the fee hike while a legal challenge is ongoing would undermine the judicial process and the rule of law
- SERAP filed a lawsuit at the Federal High Court in Lagos in February 2025, challenging the legality of the CBN’s new ATM withdrawal fees
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Central Bank of Nigeria (CBN) to suspend its recent increase in Automated Teller Machine (ATM) transaction fees.
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In an open letter dated March 1, 2025, and signed by its deputy director, Kolawole Oluwadare, SERAP argued that implementing the fee hike while a legal challenge is ongoing would undermine the judicial process and the rule of law.
The advocacy group urged Tinubu to intervene, ensuring that the CBN does not proceed with the increase until the Federal High Court delivers a ruling.
SERAP filed a lawsuit at the Federal High Court in Lagos in February 2025, challenging the legality of the CBN’s new ATM withdrawal fees.
The new policy imposes a ₦100 charge per ₦20,000 withdrawn from ATMs outside bank premises, while standalone cash points—such as those in shopping malls and airports—now attract an additional surcharge of up to ₦500.
The lawsuit (FHC/L/CS/344/2025) questions whether the policy violates the Federal Competition and Consumer Protection Act of 2018. SERAP argues that the hike is arbitrary and places an undue financial burden on Nigerians already struggling with economic challenges.
SERAP insists that since the CBN was formally served court papers on February 26, 2025, it must maintain the status quo. The organization warned that proceeding with the fee hike would amount to self-help, setting a dangerous precedent where government agencies disregard legal processes.
“The CBN must uphold due process and protect the integrity of the judicial system,” SERAP stated. “Allowing the increase to take effect while the case is pending would weaken public confidence in the courts and encourage impunity among other government agencies.”
The group urged Tinubu to seek legal advice from the Attorney General of the Federation, Lateef Fagbemi, to determine whether the CBN is legally bound to suspend the policy. SERAP also called for an expedited court hearing to prevent unnecessary delays that could further burden consumers.
SERAP reaffirmed its dedication to holding financial institutions accountable and protecting Nigerians from exploitative policies. It vowed to pursue all legal avenues to challenge decisions that negatively impact the public.
The organization emphasized that Tinubu’s intervention would align with his commitment to upholding the Constitution and the rule of law. “Suspending the ATM fee hike is in the public interest and would demonstrate respect for the judiciary,” the group stated.
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As the legal battle continues, SERAP urged the judiciary to ensure a fair and timely resolution of the case, reinforcing the credibility of Nigeria’s legal system.
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