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 concerns over its financial impact on Nigerians.
This resolution followed a motion of urgent public importance moved by Marcus Onobun, who highlighted a circular issued by the apex bank announcing the policy. The new charges, which took effect on March 1, 2025, remove the previous allowance of three free withdrawals per month for customers using other banks’ ATMs. Under the revised policy, withdrawals from other banks’ ATMs now attract a ₦100 charge per ₦20,000 transaction, while off-site ATMs in public places incur an additional ₦500 surcharge.
Lawmakers expressed concerns that the policy would impose undue hardship on citizens, especially amid economic challenges. They urged the CBN to engage with relevant committees on banking, finance, and financial institutions before proceeding with the implementation.
Despite growing public criticism, the CBN has defended the changes, stating that they are necessary to cover rising operational costs and enhance ATM service efficiency.
