From Victor Osula, Abuja
The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the recently announced increase in Automated Teller Machine (ATM) transaction charges.
The CBN had stated that, effective March 1, 2025, ATM withdrawals from machines owned by banks but located outside their branch premises would attract a charge of N100 per N20,000 withdrawn. Withdrawals made at shopping centres, airports, or standalone ATMs would incur an additional surcharge of up to N500 per N20,000 withdrawal.
The apex bank attributed the revised charges to rising operational costs and the need to enhance ATM service efficiency across the country.
“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the CBN noted in a circular dated February 10, 2025.
However, while moving a motion of urgent public importance at plenary on Tuesday, Marcus Iziegbeaya Onobun, representing Esan Central/Esan West/Igueben Federal Constituency of Edo State, drew attention to the widespread public backlash against the new charges.
The lawmakers, while adopting the motion, expressed concerns that the increase would further strain Nigerians already grappling with economic challenges.
Consequently, the House directed the CBN to suspend the policy pending further engagement with the relevant committees on banking, finance, and financial institutions.
