The Socio-Economic Rights and Accountability Project (SERAP) has delivered a bold 48-hour ultimatum to the Central Bank of Nigeria (CBN), demanding an immediate reversal of its recent hike in ATM transaction fees—a move SERAP deems “unlawful, unfair, unreasonable, and unjust.” In an open letter dated February 15, 2025, Deputy Director Kolawole Oluwadare urged CBN Governor Olayemi Cardoso to promptly annul the fee increase, warning that it will intensify the financial strain on Nigerians, especially those on low incomes.
The letter, titled “SERAP gives CBN 48 hours to withdraw ‘unlawful, unfair hike in ATM transaction,’” contends that the fee escalation contravenes Section 42(1)(a) of the CBN Act 2007, which mandates that the apex bank provide “adequate and reasonable financial services for the public.” It also cites Section 1(c)(d) of the Federal Competition and Consumer Protection Act 2018, which protects consumers and prohibits inequitable business practices.
SERAP argues that these exorbitant fees will disproportionately impact the most vulnerable citizens, exacerbating poverty and creating a discriminatory two-tier financial system. Moreover, the organization insists that the fee increase contradicts the Tinubu administration’s commitment to combating poverty, while flouting the Nigerian Constitution, relevant federal laws, and international human rights obligations.
Should the CBN fail to reverse the decision within 48 hours of receipt or publication of the letter, SERAP has warned that it will not hesitate to pursue all appropriate legal remedies. Notably, a circular dated February 10 had announced that ATM withdrawals made outside a bank’s branch premises would now incur a N100 fee per N20,000 withdrawn, with additional surcharges of up to N500 at shopping centers, airports, and stand-alone cash points—a directive set to take effect on March 1, 2025.
