The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the planned increase in Automated Teller Machine (ATM) transaction charges, citing the prevailing economic challenges faced by Nigerians.
The resolution was passed following a motion of urgent public importance moved by Hon. Marcus Onobun (Esan Central/Esan West/Igueben Federal Constituency, Edo State) during Tuesday’s plenary session.
While addressing lawmakers, Onobun criticized the CBN’s recent policy change, which introduced higher ATM withdrawal fees and removed the free ATM withdrawal benefit for customers using ATMs of other banks. He argued that this policy places an additional financial strain on Nigerians already struggling with the rising cost of living.
The House urged the CBN to reconsider the policy, warning that it could worsen financial inclusion efforts and increase economic hardship for millions of Nigerians. The motion has now been referred to the House Committee on Banking and Currency for further legislative action.
Recall that under the new guidelines, customers withdrawing from their own bank’s ATMs will still enjoy free withdrawals. However, a fee of N100 per N20,000 withdrawn will now be charged to customers using ATMs belonging to other banks.
Similarly, customers from other banks transacting from ATM outside the premises of the bank, such as malls, market places, and other public places, will be charged N100 and an additional surcharge of N500.