The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the recent increase in Automated Teller Machine (ATM) transaction charges due to the current economic hardship in the country.
This decision followed a motion of urgent public importance moved by Marcus Onobun, a lawmaker representing Esan Central/Esan West/Igueben Federal Constituency of Edo State, during yesterday’s plenary session.
Onobun noted that the CBN, in a recent circular, announced an increase in ATM withdrawal charges and the removal of free withdrawals for customers using other banks’ ATMs. Under the new policy, customers withdrawing from their bank’s ATMs remain exempt from charges, but those using other banks’ ATMs will now pay N100 per N20,000 withdrawn. Transactions outside bank premises, such as at malls or markets, will attract an additional N500 surcharge.
The lawmaker argued that this policy places more financial strain on Nigerians already struggling with rising inflation, high fuel prices, increased electricity tariffs and excessive banking charges. He warned that these additional fees could discourage low income earners from using banking services, contradicting the CBN’s financial inclusion agenda.
Following deliberations, Speaker Tajudeen Abbas put the motion to a vote, and lawmakers overwhelmingly supported it. The House then urged the CBN to halt the policy’s implementation until further discussions with relevant committees on banking and finance take place.