The Socio-Economic Rights and Accountability Project has called on President Bola Tinubu to direct the Central Bank of Nigeria to suspend its increase in Automated Teller Machine transaction fees.
The group made this request in an open letter signed by its Deputy Director, Kolawole Oluwadare, over the weekend.
SERAP stressed that the fee hike should be put on hold until the Federal High Court in Lagos hears and decides its lawsuit challenging the legality of the increase.
Last month, SERAP filed a lawsuit against the CBN for failing to reverse what it described as an unfair and unlawful increase in ATM transaction charges.
The controversy began after the CBN announced that, starting from March 1, 2025, ATM withdrawals made from machines outside a bank’s branch premises would attract a charge of N100 for every N20,000 withdrawn. Additionally, withdrawals at shopping centres, airports, or standalone cash points would come with a N100 fee plus a surcharge of up to N500.
SERAP argued that implementing these increased fees while the court case is still pending would undermine the judicial process and the rule of law.
“Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit,” SERAP said in its statement.
The group added that the move would align with the Nigerian Constitution and President Tinubu’s promises to uphold the rule of law.
“The CBN has the responsibility to uphold due process and protect the integrity of the judicial process. Implementing the increased ATM fees now would make nonsense of the rule of law,” SERAP said.
The organisation also reminded the CBN that it must maintain the status quo from February 26, 2025, when it was served with the court papers, and refrain from taking any action that could undermine the court’s authority.
“Once the CBN has been duly served with the court processes, it cannot resort to self-help. The bank is not allowed to take any action that would overreach the public interest or put the court in a helpless situation,” the statement added.
SERAP urged President Tinubu to intervene swiftly, stating that suspending the ATM fee hike is in the public interest until the court delivers its verdict.
