The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its recent increase in Automated Teller Machine (ATM) transaction fees, describing the hike as “unlawful, unfair, unreasonable, and unjust.”
The lawsuit, filed at the Federal High Court in Lagos under suit number FHC/L/CS/344/2025, challenges the CBN’s decision to impose a ₦100 charge per ₦20,000 withdrawal from ATMs outside bank premises, with an additional surcharge of up to ₦500 at shopping centers, airports, and standalone cash points.
SERAP is asking the court to declare the increase illegal under the Federal Competition and Consumer Protection Act 2018, arguing that it unfairly burdens Nigerians, especially those from low-income backgrounds. The group insists that the new charges create a two-tiered financial system that discriminates against the poor while favoring banks, which continue to declare massive profits.
“The CBN should not be implementing policies that inflict hardship on poor Nigerians while banks rake in trillions in profits,” the lawsuit states. “The increase in ATM fees is not only unfair but also violates consumer protection laws and human rights obligations.”
SERAP is seeking a court order to restrain the CBN from enforcing the fee increase pending the hearing of the case. It also argues that the CBN cannot unilaterally increase ATM charges without the approval of the Federal Competition and Consumer Protection Commission (FCCPC).
