The Central Bank of Nigeria (CBN) is facing intense pressure to backpedal on its newly imposed Automated Teller Machine (ATM) transaction fees after a fiery backlash from the Socio-Economic Rights and Accountability Project (SERAP). The advocacy group has slapped the CBN governor, Mr. Olayemi Cardoso, with a 48-hour ultimatum, demanding an immediate reversal of what it calls an “unlawful, unfair, unreasonable, and downright unjust” policy.
In a strongly worded open letter dated February 15, 2025, and signed by its deputy director, Kolawole Oluwadare, SERAP voiced concerns that the fee increase would disproportionately hammer low-income Nigerians, further squeezing those already battling a tough economic landscape. The group made it clear: CBN’s statutory powers should not be weaponized against the poor, nor should they be used to fuel human rights violations.
The uproar follows CBN’s latest policy update, which sneakily jacks up ATM withdrawal charges. Under this controversial regulation, withdrawing cash from an ATM belonging to a bank—but situated outside its branch—will now attract a fee of N100 per N20,000 withdrawn. If you’re at a shopping mall, airport, or one of those standalone cash points? Brace yourself—the surcharge skyrockets to a jaw-dropping N500 per N20,000 withdrawal. These fees are set to go live on March 1, 2025.
SERAP isn’t mincing words. The group slammed the policy, branding it as a cash grab designed to fatten the wallets of commercial banks at the expense of struggling Nigerians. “Why should ordinary citizens be forced to bankroll the already bloated profits of banks and their shareholders?” the letter questioned. “CBN policies should serve the people, not function as a financial buffet for corporate giants raking in trillions of naira in profits.”
The advocacy group also pointed out the glaring contradiction in President Bola Tinubu’s administration, which has repeatedly pledged to combat poverty—yet here’s a decision that does the exact opposite.
SERAP didn’t stop at complaints; it issued a clear warning. If the CBN refuses to comply within the given 48-hour window, legal action will be taken. “We expect the recommended measures to be implemented within 48 hours of receiving or publishing this letter. If we hear nothing, we will initiate all necessary legal proceedings to compel the CBN to act in the public interest.”
This article was updated 3 days ago
