The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend the planned increase in Automated Teller Machine (ATM) transaction charges. This resolution was passed following a motion of urgent public importance raised by member Marcus Onobun.
Onobun highlighted a recent circular from the CBN that announced new ATM charges set to take effect on March 1, 2025. Lawmakers expressed concerns that these new charges would place an additional financial burden on Nigerians.
Read Also: Block ALL Pornographic Websites Nigerian House of Rep to NCC
The House has asked the CBN to halt the implementation of this policy until they can engage in discussions with relevant committees on banking, finance, and financial institutions.
On February 10, 2025, the CBN stated that customers using ATMs from banks other than their own would incur charges. The previous allowance of three free monthly withdrawals for customers using other banks’ ATMs would no longer apply.
According to the CBN’s announcement, customers withdrawing from their own banks’ ATMs would not face any charges, but those using other banks’ ATMs would now pay ₦100 for every ₦20,000 withdrawn. Additionally, for off-site ATMs, like those located in shopping malls and restaurants, a surcharge of up to ₦500 would apply for every ₦20,000, alongside the ₦100 fee.
The CBN explained that these changes were necessary due to rising costs and aimed at improving the efficiency of ATM services in Nigeria. The bank stated that this review would help accelerate the deployment of ATMs and ensure fair charges for consumers.
