SERAP Sues CBN Over “Unlawful and Unfair” ATM Fee Hike, Demands Court Order to Stop Implementation and Protect Consumers from Excessive Charges
Lagos, Nigeria – The Socio-Economic Rights and Accountability Project (SERAP) has launched legal action against the Central Bank of Nigeria (CBN) over its recent increase in Automated Teller Machine (ATM) transaction fees. In a lawsuit filed at the Federal High Court, Lagos, SERAP alleges the new fees are “patently unlawful, unfair, unreasonable and unjust.”
The CBN’s revised fee structure, announced on February 10, 2025, imposes a N100 charge for withdrawals at ATMs outside a bank’s branch premises, and a N100 fee plus a surcharge of up to N500 for withdrawals at shopping centers, airports, and standalone cash points, both per N20,000 withdrawn.
SERAP’s lawsuit, numbered FHC/L/CS/344/2025, contests the legality of these increases, arguing they violate the Federal Competition and Consumer Protection Act 2018. The organization contends the CBN’s decision is arbitrary and discriminates against low-income Nigerians.
The suit seeks a court declaration that the fee hike is illegal, an interim injunction to halt its implementation, and a reversal of the CBN’s circular authorizing the increased charges. SERAP asserts the CBN abused its dominant position, prioritizing bank profits over consumer welfare, and failed to consider the impact on vulnerable populations.
SERAP’s lawyers argue the increased fees contradict the Nigerian Constitution, the CBN Act, and international human rights obligations. They emphasize that the Federal Competition and Consumer Protection Act supersedes other laws, except the Constitution, and that the CBN’s actions violate its mandate to protect consumers.
The lawsuit requests the court to nullify the CBN’s directive and prevent its enforcement. No hearing date has been set.
Follow News Review on Facebook and X
 has launched legal action against the Central Bank of Nigeria (CBN) over its recent increase in Automated Teller Machine (ATM) transaction fees. In a lawsuit filed at the Federal High Court, Lagos, SERAP alleges the new fees are "patently unlawful, unfair, unreasonable and unjust."){kind=link}