The House of Representatives has called for the immediate suspension of the Central Bank of Nigeria (CBN)’s new ATM withdrawal charges, which increase transaction fees and discontinue free interbank ATM withdrawals.

Lawmakers argue that this policy financially burdens Nigerians, especially amid rising inflation, fuel price hikes, electricity tariff increases, and multiple banking service charges.

The House noted that while the banking sector continues to record huge profits, imposing additional charges on consumers without improving banking infrastructure or service delivery is unfair.

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The motion, moved by Marcus Onobun during Tuesday’s plenary, highlighted concerns that the new CBN policy contradicts the financial inclusion agenda by discouraging low-income earners from using banking services.

Breakdown of New ATM Charges

• According to the CBN circular, under Section 10.7 of the CBN Guide to Charges, customers withdrawing from their bank’s ATMs will continue to enjoy free withdrawals. However:
• Customers using another bank’s ATM within bank premises will be charged N100 per N20,000 withdrawal.
• Customers using another bank’s ATM outside bank premises (e.g., malls, markets, public spaces) will pay N100 plus an additional N500 surcharge.

The House of Representatives has urged the CBN to halt the policy pending discussions with the committees on banking, finance, and financial institutions. Lawmakers insist that such banking fees further erode Nigerians’ purchasing power and welfare, making the policy untenable at this time.

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Public Reaction and Next Steps

Many Nigerians have expressed outrage over the CBN’s revised bank charges, calling it another attempt to exploit consumers. Meanwhile, stakeholders await the CBN’s response following the House of Representatives’ intervention.

Stay tuned to Naija Blog Daily for more updates on this CBN ATM charge controversy and other financial news in Nigeria

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