The House of Representatives has called for the suspension of the recently implemented increase in ATM transaction fees by the Central Bank of Nigeria (CBN), citing the country’s current economic challenges.
The motion, raised by Marcus Onobun, a lawmaker from Edo State, follows concerns over the added financial burden on Nigerians already grappling with high inflation, fuel price hikes, and electricity tariff increases.
The new policy, which eliminates free ATM withdrawals for customers using other banks’ ATMs, imposes a N100 charge on withdrawals of N20,000 and an additional N500 fee for transactions outside the bank premises, such as at malls.
Lawmakers argue that this move could further hinder financial inclusion and place a greater strain on low-income earners, undermining the CBN’s financial inclusion goals.
The Speaker of the House, Tajudeen Abbas, put the motion to a vote, and it was overwhelmingly supported by the members. The House has urged the CBN to suspend the policy pending further consultations with relevant committees.