By Abiola Olawale
The House of Representatives has called on the Central Bank of Nigeria (CBN) to immediately suspend the proposed hike in Automated Teller Machine (ATM) withdrawal charges, citing concerns over the additional financial burden on Nigerians amid rising inflation and economic challenges.
During a plenary session on Tuesday, the lawmakers of the green chamber jointly agreed that increasing ATM fees would exacerbate the struggles of ordinary citizens already grappling with the high cost of living.
This came after a motion moved by a member, Marcus Onobun, which drew the attention of the House to a circular by the Central Bank of Nigeria to that effect.
The motion received overwhelming support from members, who emphasized the need for policies that prioritize the welfare of Nigerians over revenue generation for banks.
The House then asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.
The New Diplomat reports that on February 10, 2025, the apex bank announced that charges would apply anytime customers use the ATMs of banks other than theirs.
“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the bank said in a circular to financial institutions.
The CBN had directed banks and other financial institutions to apply the charges with effect from March 1, 2025.
