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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, citing the financial strain it places on Nigerians amid ongoing economic challenges.
The resolution followed a motion of urgent public importance raised during Tuesday’s plenary by Marcus Onobun, representing Esan Central/Esan West/Igueben Federal Constituency in Edo State. Onobun highlighted that the CBN’s recent circular introduced higher ATM withdrawal charges and removed free ATM withdrawals for customers using other banks’ machines, further burdening consumers.
Under the new policy, customers withdrawing from their bank’s ATMs would continue to enjoy free withdrawals. However, individuals using ATMs of other banks within bank premises would be charged ₦100 per ₦20,000 withdrawal. Transactions at ATMs in public locations such as malls and markets would attract an additional ₦500 surcharge on top of the standard ₦100 fee.
Onobun argued that Nigerians are already facing multiple economic hardships, including rising inflation, increased fuel prices, electricity tariff hikes, and multiple banking service charges—all of which reduce disposable income and impact financial well-being. He warned that the new charges could further hinder financial inclusion, discouraging low-income earners from using banking services, contrary to the CBN’s financial inclusion agenda.
“The banking sector continues to record significant profits. Imposing additional charges on consumers without improving service delivery or infrastructure is unjustifiable,” he stated.
Following the motion, Speaker Tajudeen Abbas put the resolution to a voice vote, which was overwhelmingly supported by lawmakers. The House has now urged the CBN to immediately suspend the implementation of the policy and engage with the relevant Committees on Banking, Finance, and Financial Institutions for further review.
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