The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend its recent policy increasing charges on Automated Teller Machine (ATM) transactions and discontinuing free withdrawals for customers using ATMs of other banks.
This resolution followed a motion of urgent public importance sponsored by lawmaker Marcus Onobun, who raised concerns over a CBN directive implementing the changes.
Lawmakers expressed fears that the new policy would place additional financial strain on Nigerians and called for its suspension pending consultations with the relevant House committees on banking, finance, and financial institutions.
On February 10, 2025, the CBN announced that customers using ATMs of banks other than their own would now incur charges, eliminating the existing three free withdrawals per month for interbank transactions, as previously stipulated under Section 10.6.2 of the CBN’s guidelines.
READ ALSO: CBN announces ATM withdrawal charges, ends free transactions
According to the new directive, which takes effect on March 1, 2025, customers withdrawing money from ATMs of other banks will now pay ₦100 per ₦20,000.
Additionally, for withdrawals from off-site ATMs—those located in public spaces like malls and restaurants—a surcharge of up to ₦500 per ₦20,000 will be applied, alongside the standard ₦100 fee.
The CBN justified the policy change, citing rising operational costs and the need to enhance ATM service efficiency nationwide.
It stated that the adjustments would encourage wider ATM deployment and ensure fair pricing for financial services.
Despite mounting criticism, the apex bank maintains that the revised charges serve the interests of both customers and financial institutions.
