The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend its recent directive increasing Automated Teller Machine (ATM) withdrawal charges. This resolution came after a motion presented by Marcus Onobun, representing Esan Central/West/Igueben Federal Constituency of Edo State, during a plenary session on March 11, 2025.
According to the new CBN policy, customers withdrawing from their own bank’s ATMs will continue to enjoy free withdrawals. However, customers using other banks’ ATMs will be charged ₦100 per ₦20,000 withdrawal at on-site ATMs (located within bank premises). For off-site ATMs, such as those in malls and marketplaces, an additional surcharge of up to ₦500 per ₦20,000 withdrawal will be applied.
Lawmakers expressed concern that these increased charges would impose additional financial burdens on Nigerians already facing economic hardships, including high inflation, increased fuel prices, and electricity tariff hikes. They argued that the new charges could discourage low-income earners from accessing banking services, thereby contradicting the CBN’s financial inclusion agenda.
The House has called on the CBN to halt the implementation of the new ATM charges and engage in further consultations with relevant stakeholders to assess the policy’s potential impact on Nigerians.
