SERAP has urged President Tinubu to suspend the recent hike in ATM withdrawal charges by the Central Bank of Nigeria until a court ruling. The increase has raised public concerns regarding access to banking services, prompting legal action from SERAP. As Nigerians grapple with high inflation and living costs, many have criticized the fee hike as unjustified and detrimental to their economic situation.
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to mandate the Central Bank of Nigeria (CBN) to immediately suspend the increased automated teller machine (ATM) withdrawal fees until a court ruling is delivered. SERAP emphasized that such action would align with the Nigerian Constitution and reaffirm the President’s commitment to the rule of law.
Recently, the CBN approved a significant rise in ATM withdrawal charges, raising concerns among Nigerians regarding its implications for financial inclusion and access to banking services. The adjustment means that customers withdrawing cash from ATMs not affiliated with their banks will incur much higher fees, leading to considerable backlash from consumer groups and civil organizations.
SERAP has initiated legal action against the increased fees, claiming it infringes upon the economic rights of Nigerian citizens and exacerbates their financial hardships. The organization argues that President Tinubu has a constitutional responsibility to safeguard citizens’ welfare and that halting the fee hike would reflect the administration’s dedication to public interest.
This fee increase is particularly troubling to many Nigerians, as they are already coping with inflation and economic instability. Social media has become a platform for citizens to express their discontent, labeling the policy as unjust and detrimental to cash accessibility. Financial analysts have also criticized the CBN, noting that this decision could undermine efforts to support cashless transactions and promote broader banking access.
In light of these developments, SERAP filed a lawsuit at the Federal High Court in Lagos challenging the CBN’s recent actions. The legal representatives Kolawole Oluwadare and Andrew Nwankwo submitted the case under suit number FHC/L/CS/344/2025. The CBN announced the revised fee structure on February 11, 2025, with implementation scheduled for March 1, 2025.
In summary, SERAP’s call for President Tinubu to suspend the rise in ATM fees reflects growing public concern regarding financial burdens on citizens amidst economic challenges. The ongoing legal challenge against the CBN’s decision underscores the importance of transparency and accountability in financial policies. Ultimately, the resolution of this matter will significantly impact Nigerians’ access to banking services and their economic well-being.
Original Source: nairametrics.com
