Reps ask CBN to suspend ATM withdrawal charges hike

The House of Representatives has asked the Central Bank of Nigeria (CBN) to suspend its directive increasing ATM withdrawal charges in the country.

This resolution was taken after a motion on urgent national importance moved by Marcus Onobun (Esan Central/West/Igueben Federal Constituency) in Abuja on Tuesday, March 11, 2025.

Onobun said additional ATM withdrawal charges would further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services.

He said Nigerians were already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hikes, and numerous banking and service charges.

The lawmaker warned that an increase in ATM withdrawal fees would be a contradiction of the CBN’s financial inclusion agenda.

Nigerians groan as banks begin new ATM charges

Onobun said: “Aware that the CBN, in its new circular, has reviewed the ATM transaction fees stipulated under Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions.

“Prescribing an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs.

“Thereby imposing additional financial burdens on Nigerians.

“Also aware that the said Section 10.7 of this Guide was last reviewed in 2019.

“Reducing ATM transaction fees from N65 naira to N35 per transaction.”

The Speaker of the House, Tajudeen Abbas, and the entire members of the House adopted the motion and urged the CBN to suspend the increase in ATM withdrawal charges.

The Star