SERAP is calling on President Tinubu to suspend the recent ATM fee hike by the CBN until a court ruling. The increase, which impacts non-bank ATM withdrawals, has raised public concern regarding financial accessibility amidst ongoing economic challenges. SERAP’s legal challenge claims the hike violates citizens’ economic rights, highlighting the urgency for governmental intervention.
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to instruct the Central Bank of Nigeria (CBN) to suspend a recent hike in ATM withdrawal charges while a court evaluates the issue. This appeal aligns with Nigeria’s constitutional provisions, Tinubu’s oath of office, and his commitment to uphold the rule of law.
The CBN’s decision to increase ATM charges has drawn criticism from consumer rights groups and raised concerns about its effects on financial access in Nigeria. The amendments impose higher fees for cash withdrawals from non-bank ATMs, provoking backlash from various sectors, including citizens already strained by economic instability.
SERAP is actively challenging the fee increase through legal action, positing that the raised costs infringe upon the economic rights of Nigerians. The organization emphasizes that the President has a duty to safeguard citizen welfare and halt policies perceived as unfair.
Public sentiment against the fee increase has emerged widely on social media, reflecting collective discontent about increased financial burdens. Analysts warn that this decision could undermine efforts to transition towards cashless transactions, pushing citizens towards informal financial avenues and thus diminishing monetary policy effectiveness.
A lawsuit, filed at the Federal High Court in Lagos by SERAP’s counsel, seeks to prevent CBN from implementing these new fee structures. The court case is identified as FHC/L/CS/344/2025 and was submitted on February 11, 2025, shortly before the implementation date of March 1, 2025.
The CBN justified its fee adjustments by citing the need to manage rising operational costs and improve ATM service efficiency. The last adjustment was made in 2019, when the bank reduced ATM withdrawal charges. Under the new charges, free withdrawals only remain for customers using their own bank’s ATMs, while non-bank ATM withdrawals will incur significant fees.
SERAP’s appeal to President Tinubu to halt the rise in ATM fees underscores the intersection of citizens’ economic rights and governance. With impending legal battles over this policy change, public sentiment against the hike reflects significant concern regarding financial access and its implications in an unstable economy. The situation calls for a committed governmental response to uphold the welfare of Nigerian citizens in the face of rising living costs.
Original Source: nairametrics.com
