The House of Representatives has called for the immediate suspension of the Central Bank of Nigeria’s (CBN) increase in ATM withdrawal charges, and the discontinuation of free withdrawals for customers using other banks’ ATMs.
The resolution followed a motion by Marcus Onobun, who highlighted the revised charges under Section 10.7 of the CBN Guide to Bank Charges.
Lawmakers argued that the new policy imposed additional financial burdens on citizens despite the banking sector’s continued profitability.
They warned that higher ATM fees could discourage low-income earners from accessing banking services, contradicting the CBN’s financial inclusion agenda.
Under the new policy, while withdrawals from a customer’s own bank remain free, using another bank’s ATM now attracts a N100 fee per N20,000 withd
Transactions at off-site ATMs, such as malls and markets, will incur an additional N500 surcharge.
News Edited by favour Owonibi