SERAP has urged President Tinubu to suspend the recent ATM fee hikes until a court ruling is determined. The increase has prompted concerns about financial access and burdens on citizens. SERAP has filed a lawsuit against the CBN, arguing the fees violate economic rights. Legal and public discourse continues surrounding the implications of such changes in policy.
The Socio-Economic Rights and Accountability Project (SERAP) has appealed to President Bola Tinubu to instruct the Central Bank of Nigeria (CBN) to halt its newly implemented increase in automated teller machine (ATM) withdrawal fees until a court verdict is reached on the issue. In a recent announcement on social media, SERAP emphasized the need for this suspension in light of the constitutional obligations to protect citizens’ rights and uphold the rule of law.
The recent rise in ATM withdrawal charges by the CBN has provoked significant concern among Nigerians regarding its repercussions on financial inclusion and access to banking services. Recent policy adjustments outline higher fees for cash withdrawals from ATMs associated with different financial institutions, leading to widespread disapproval from consumer rights advocates and civil society groups.
SERAP, committed to enhancing transparency and accountability, has initiated legal action against the fee increase, claiming it infringes on the economic rights of individuals and intensifies the financial strain on citizens who are already facing economic challenges. By seeking the President’s intervention, SERAP underscores his constitutional role to safeguard citizens against detrimental financial policies while advocating for public welfare.
The organization has noted that the fee hike coincides with a period of rising inflation and increasing living costs for many. Social media has seen numerous citizens voice their outrage, perceiving the policy as unjust and detrimental to their financial independence. Many financial analysts concur, suggesting that the CBN’s new decision is counterproductive to promoting cashless transactions and improving banking accessibility in Nigeria.
SERAP has formally lodged a lawsuit against the CBN at the Federal High Court in Lagos, aiming to prevent the implementation of the increased ATM transaction fees. This lawsuit was filed on [insert date] and is registered under suit number FHC/L/CS/344/2025. The CBN had announced its revised fee structure, set to take effect soon, with the organization striving to counter these changes legally.
According to a circular issued by John Onojah, the acting director of the financial policy and regulation department, this revision attempts to address rising operational costs and enhance ATM service efficiency. The last adjustment was made in 2019, which notably lowered fees from N65 to N35. Although on-us ATM transactions will still be free, off-site transactions will incur a new fee structure.
In summary, SERAP’s initiative to halt the ATM fee hike reflects a strong defense of economic rights under Nigeria’s legal framework. The recent increase in ATM charges has generated widespread discontent among the public and financial analysts alike, who argue that it undermines the principles of financial accessibility. As SERAP seeks judicial intervention, the broader implications of such policies on the economy and citizen welfare will remain a focal point of national discourse.
Original Source: nairametrics.com
