By Adenike Lawal
The House of Representatives has directed the Central Bank of Nigeria (CBN), to suspend its planned increase in Automated Teller Machine (ATM), transaction charges, citing concerns over the financial burden on Nigerians.
Lawmakers reacted sharply to the CBN’s February 10 policy, which mandates a ₦100 fee for every ₦20,000 withdrawn from other banks’ ATMs and a surcharge of up to ₦500 for off-site ATM transactions, effective March 1.
The apex bank defended the move as necessary for operational sustainability, but lawmakers and consumers strongly opposed it.
Leading the charge, Representative Marcus Onobun argued that the policy would worsen economic hardships for ordinary citizens.
The House unanimously resolved that further consultations with banking and finance committees were necessary before implementing any fee adjustments.
With public backlash mounting, the CBN faces growing pressure to reconsider its stance, as legislators push for a fairer approach that prioritizes consumer relief amid Nigeria’s tough economic climate.
