Stop CBN’s ATM Fee Hike, SERAP tells Tinubu

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order the Central Bank of Nigeria (CBN) to suspend its planned increase in Automated Teller Machine (ATM) transaction fees. The watchdog group warns that implementing the hike while a lawsuit is pending before the Federal High Court in Lagos would undermine the rule of law.

In an open letter dated March 1, 2025, SERAP urged Tinubu to seek legal counsel from the Attorney General of the Federation, Lateef Fagbemi, SAN, on whether the CBN has the authority to enforce such a policy amid ongoing litigation.

The lawsuit, filed last month, challenges the CBN’s decision to impose a ₦100 fee per ₦20,000 withdrawal at off-site ATMs and additional surcharges of up to ₦500 at shopping malls, airports, and standalone cash points. Banks were instructed to implement the charges from March 1, 2025.

SERAP argues that the CBN’s move “makes a mockery of the judicial process” and risks setting a precedent where public institutions disregard ongoing court proceedings. The group insists that the CBN must maintain the status quo until the court reaches a verdict.

The legal action, identified as FHC/L/CS/344/2025, seeks to determine whether the fee hike is arbitrary and violates the Federal Competition and Consumer Protection Act of 2018.

“The credibility of Nigeria’s judiciary is at stake,” SERAP warned, emphasizing that the CBN must refrain from “self-help” and respect due process.