Isa Isawade
President Bola Ahmed Tinubu has been asked to direct the Central Bank of Nigeria (CBN) to suspend the hike in Automated Teller Machine (ATM) transaction fees pending judgement of court on the matter.
The Plaintiff in the case, Socio-Economic Rights and Accountability Project (SERAP) urged President Bola Tinubu to direct the CBN Governor, Olayemi Cardoso to suspend the implementation of the increase pending the “hearing and determination of the lawsuit before the Federal High Court, Lagos challenging the legality of the increase.”
SERAP urged the president to seek legal advice from the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN on whether the CBN has the legal responsibilities to uphold the rule of law by suspending the ATM fee hike, pending determination of the lawsuit.
SERAP had filed a lawsuit against the CBN over the latter’s failure to reverse the ATM transaction fee hike.
The lawsuit followed the announcement by the CBN that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.
The CBN added that ATM withdrawals at shopping centres, airports or standalone cash points, would incur a N100 fee plus a surcharge of up to N500.
In the open letter dated 1 March 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.
“It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law.
“Implementing the ATM fee hike while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law.”
SERAP said the CBN was bound to suspend the fee increase and await the outcome of the lawsuit.
