The House of Representatives has called on the Central Bank of Nigeria (CBN) to immediately halt its recent policy that increases ATM transaction charges and removes free withdrawals for customers using other banks’ ATMs.
The resolution followed a motion raised by Rep. Marcus Onobun during plenary in Abuja.
The CBN’s new policy, which took effect on March 1, 2025, imposes a ₦100 fee for every ₦20,000 withdrawal made at another bank’s ATM within bank premises and an additional ₦500 surcharge for withdrawals outside bank premises.
Onobun argued that the policy would place an extra financial burden on Nigerians already struggling with rising inflation, fuel price hikes, and increased electricity tariffs. He stressed that the move contradicts the CBN’s financial inclusion goals, especially for low-income earners.
He further noted that despite the banking sector reporting massive profits, there has been no significant improvement in service delivery or infrastructure, making the new charges unjustifiable.
“The government must protect its citizens from exploitative financial practices that worsen economic hardship,” Onobun said.
The motion has been referred to the committees on Banking, Finance, and Financial Institutions for further legislative action.
