The Socio-Economic Rights and Accountability Project, SERAP, has called on the Central Bank of Nigeria, CBN, to reverse the recent hike in ATM charges because it will impoverish more Nigerians.
The rights body made the assertion in a statement on Sunday, describing the action as illegal and unconstitutional, saying the CBN is trying to make commercial banks in the country richer.
SERAP, therefore, demand a reversal within 48 hours failures which it will sue the apex bank.
The CBN had last week, in a memo, directed commercial banks in the country to apply new ATM charges to their customers.
The apex bank said in the new directive that ATM withdrawals made at machines outside a bank’s branch premises will now attract a N100 charge per N20,000 withdrawn, while withdrawals at shopping centres, airports, and standalone cash points will carry an additional surcharge of up to N500 per N20,000 withdrawal.
SERAP described the directive, which becomes effective March 1, 2025, to be anti-people, with the capacity to make many more Nigerians poorer.
It challenged the CBN of its constitutional role to defending Nigerians, citing various laws including the CBN Act 2007 and Federal Competition and Consumer Protection, FCCP Act, 2018, which it said has been violated by the apex bank’s action.
SERAP said, “The increase in ATM transaction fees will hit the hardest those at the bottom of the economy and exacerbate the growing poverty in the country.
“CBN policies should not be skewed against poor Nigerians and in favour of banks that continue to declare trillions of naira in profits at the expense of their customers.”
The group added that the decision also contradicts the President’s Bola Ahmed Tinubu’s promise to wipe out poverty in the country, accusing the apex bank of failing in its core obligations to protect Nigerians.
CBN must reverse the decision, the right body said, failure which legal action will be taken against it.
According to SERAP, “The CBN is failing to comply with the Nigerian Constitution, the Federal Competition and Consumer Protection Act, and international human rights obligations
“If we have not heard from you by then, we shall take all appropriate legal actions to compel you and the CBN to comply in the public interest,”
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