Boma Achenimie The House of Representatives has called for the immediate suspension of the recent increase in ATM transaction charges and the discontinuation of free ATM withdrawals for customers of other banks imposed by the Central Bank of Nigeria (CBN).
Speaking during a plenary on Tuesday, House of Reps members argued that the CBN’s new circular, which revises ATM withdrawal fees, has imposed additional financial burdens on Nigerians at a time when the banking sector continues to post significant profits.
The Green Chamber maintained that the extra charges are unjustifiable without concurrent improvements in service delivery or infrastructure.
The lawmakers warned that the new fees would further limit financial inclusion by discouraging low-income earners from accessing banking services, directly contradicting the CBN’s financial inclusion agenda.
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The resolution follows a motion moved at the plenary by lawmaker Marcus Onobun.
Onobun explained that the CBN’s circular reviewed the ATM transaction fees under Section 10.7 of the CBN Guide to Charges by banks, other financial, and non-bank financial institutions—a section last updated in 2019 when fees were reduced from ₦65 to ₦35 per transaction.
According to the new policy, customers using their own bank’s ATMs would continue to enjoy free withdrawals.
However, those using ATMs of other banks would be charged ₦100 per ₦20,000 withdrawal within bank premises and ₦100 plus an additional surcharge of ₦500 when transacting at ATMs located outside bank premises, such as in malls, marketplaces, and other public areas.
In its resolutions, the House urged the CBN to immediately suspend the implementation of this policy pending proper engagement with relevant committees on banking, finance, and financial institutions.
Lawmakers expressed concern over the imposition of additional charges on Nigerians, who are already grappling with high inflation, increased fuel prices, electricity tariff hikes, and numerous other service charges that diminish disposable income and impact economic welfare.
The representatives emphasized that a key role of government is to protect citizens from exploitative financial practices that could exacerbate economic distress.
