SERAP Urges President Tinubu to Suspend CBN’s ATM Fee Hike, Citing Ongoing Lawsuit, Rule of Law, and Public Interest Concerns
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Central Bank of Nigeria (CBN) to suspend the recent hike in Automated Teller Machine (ATM) transaction fees. SERAP insists the suspension should remain in effect until the Federal High Court in Lagos rules on its lawsuit challenging the legality of the increase.
In an open letter dated March 1, 2025, and signed by Deputy Director Kolawole Oluwadare, SERAP urged the president to seek legal advice from Attorney General Lateef Fagbemi, SAN, on whether the CBN is legally bound to uphold the rule of law in its operations.
SERAP argues that enforcing the new ATM fees while the case is pending undermines the judiciary and violates due process. The CBN’s policy, which introduces a ₦100 charge per ₦20,000 withdrawal at off-site ATMs and an additional surcharge of up to ₦500 at select locations, is set to take effect from March 1, 2025.
The advocacy group maintains that suspending the hike aligns with Tinubu’s oath to uphold the rule of law and prevents a situation where the CBN disregards ongoing legal proceedings. SERAP warns that failure to act could set a dangerous precedent, allowing government agencies to ignore judicial oversight.
The lawsuit, filed on February 21, 2025 (FHC/L/CS/344/2025), seeks a court ruling on whether the CBN’s fee hike violates consumer protection laws. With the court already serving legal notice to the CBN on February 26, SERAP insists the bank must maintain the status quo until a final decision is reached.
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 has called on President Bola Tinubu to direct the Central Bank of Nigeria (CBN) to suspend the recent hike in Automated Teller Machine (ATM) transaction fees. SERAP insists the suspension should remain in effect until the Federal High Court in Lagos rules on its lawsuit challenging the legality of the increase.){kind=link}