SERAP urges Tinubu to halt ATM price hike pending court docket verdict in Nigeria 

The Socio-Financial Rights and Accountability Mission (SERAP) has referred to as on President Bola  Tinubu to direct the Central Bank of Nigeria (CBN) to right away droop the latest hike in automated teller machine (ATM) withdrawal expenses pending the end result of a court docket ruling on the matter.

In a tweet on X (previously Twitter) on Sunday, SERAP acknowledged:

“We’ve urged President Tinubu to direct the CBN to right away droop the ATM price hike pending court docket verdict on the matter. That is solely according to the Nigerian Structure 1999 [as amended], his oath of workplace and guarantees to uphold the rule of regulation.” 

The Central Bank of Nigeria (CBN) lately accredited a rise in ATM withdrawal expenses, elevating considerations amongst Nigerians in regards to the impression on monetary inclusion and entry to banking providers. Below the brand new coverage, bank clients will probably be charged larger charges for money withdrawals from ATMs of different banks—a transfer that has sparked widespread criticism from shopper advocacy teams and civil society organizations.

Authorized Problem and SERAP’s Place 

SERAP, a number one rights group targeted on selling transparency and accountability, has already filed a lawsuit difficult the price enhance, arguing that it violates the financial rights of Nigerians and locations an extra monetary burden on already struggling residents.

• By urging President Tinubu to intervene, SERAP is emphasizing his constitutional responsibility to guard residents’ pursuits and stop what it describes as an unfair monetary coverage.
• The group insists that suspending the price hike pending the court docket’s determination is not only a authorized necessity but additionally an illustration of the administration’s dedication to public welfare.
• The group famous that the rise in ATM charges comes at a time when Nigerians are already coping with rising inflation, excessive dwelling prices, and financial instability.
• Many voters have taken to social media to specific frustration over what they understand as an unjustified coverage that additional limits their entry to money.

Some monetary analysts have additionally criticized the CBN’s determination, arguing that it contradicts ongoing efforts to advertise cashless transactions and improve banking accessibility. They warn that larger transaction prices might drive extra Nigerians in the direction of casual monetary techniques, decreasing the effectiveness of the nation’s financial insurance policies.

Extra insights 

SERAP, final week, filed a lawsuit on the Federal Excessive Courtroom in Lagos, searching for to cease the CBN from implementing the latest enhance in Automated Teller Machine (ATM) transaction charges.

• The lawsuit, with go well with quantity FHC/L/CS/344/2025, was filed final Friday on the Federal Excessive Courtroom in Lagos by SERAP’s authorized representatives, Kolawole Oluwadare and Andrew Nwankwo.
• On February 11, 2025, CBN introduced a revision of automated teller machine (ATM) transaction charges, with the brand new expenses set to take impact from March 1, 2025.
• In a round signed by John Onojah, appearing director of the monetary coverage and regulation division, the apex bank mentioned the overview aligns with Part 10.7 of the CBN Information to Expenses by Banks, Different Monetary and Non-Bank Monetary Establishments (2020).
• The CBN defined that the modifications goal to handle rising operational prices and improve the effectivity of ATM providers. It famous that the final overview was in 2019, when withdrawal charges have been decreased from N65 to N35.
• Below the revised coverage, clients withdrawing from their bank’s ATMs (on-us transactions) will proceed to get pleasure from free withdrawals.

Nonetheless, a N100 price per N20,000 withdrawal will apply at on-site ATMs—these situated inside bank branches.

For withdrawals at ATMs of different banks (not-on-us transactions), a N100 price plus a surcharge of as much as N450 per N20,000 withdrawal will probably be charged at off-site areas.