The House of Representatives has called for an immediate suspension of the recent hike in Automated Teller Machine (ATM) transaction fees and the removal of free withdrawals for customers using other banks’ ATMs.
The resolution followed a motion by lawmaker Marcus Onobun, who highlighted concerns over a new directive from the Central Bank of Nigeria (CBN) imposing additional charges on interbank ATM withdrawals. Lawmakers warned that the policy would further strain Nigerians financially.
Under the revised guidelines, effective March 1, 2025, withdrawals from other banks’ ATMs will attract a ₦100 fee per ₦20,000, while off-site ATMs, such as those in malls or public spaces, will carry an additional surcharge of up to ₦500.
While the CBN argues that the adjustments are necessary due to rising costs and to improve ATM efficiency, critics, including lawmakers, have called for a review, stressing the need for consultations with relevant financial committees before implementation.
