The House of Representatives** has demanded the immediate suspension of the Central Bank of Nigeria’s (CBN) recent ATM withdrawal charges hike**, arguing that it places an unnecessary financial burden on Nigerians already struggling with economic hardship.
Lawmakers condemned the policy, which not only **increases ATM withdrawal charges but also eliminates free withdrawals for customers using other banks’ ATMs.
The House raised concerns that the policy **contradicts the CBN’s financial inclusion agenda**, as higher transaction costs could discourage low-income earners from using banking services.
The controversial policy, outlined in the CBN’s latest circular modifies Section 10.7 of the Guide to Charges by Banks, last reviewed in 2019 when ATM transaction fees were reduced from N65 to N35 per withdrawal
Withdrawals from a customer’s own bank ATM remain free. Withdrawals from another bank’s ATM (within bank premises) attract a N100 charge per N20,000 withdrawal. Withdrawals from another bank’s ATM (outside bank premises, such as malls and markets) attract N100 plus an additional N500 surcharge.
The resolution was adopted following a motion moved by Hon. Marcus Onobun during Tuesday’s plenary session.
He argued that despite recording significant profits, banks continue to introduce unjustifiable charges without corresponding improvements in service delivery.
The lawmakers unanimously urged the CBN to halt the policy immediately, pending a review by relevant banking and finance committees.
They also criticized the timing of the policy, noting that Nigerians are already facing economic hardship, including, Soaring inflation, Increased fuel prices, Electricity tariff hikes and Multiple bank charges eating into disposable income.
The House emphasized that the government has a responsibility to protect citizens from exploitative financial policies.
With growing public discontent over the policy, pressure is now on the CBN to reconsider its stance and provide relief to struggling Nigerians.