*The House of Representatives urges the Central Bank of Nigeria to suspend implementation of the new hikes in Automated Teller Machine transaction charges, pending proper engagement with the relevant Committees on Banking, Finance, and Financial Institutions

Isola Moses | 绿帽献妻

Citing additional financial burdens on Nigerian consumers amid the current economic hardship, the House of Representatives has passed a resolution directing the suspension of the recent increase in Automated Teller Machine (ATM) transaction charges, and stoppage of free ATM withdrawals for customers from other banks in the country.

The measure followed a motion of urgent public importance, which Hon. Marcus Onobun, a member of the House, moved to draw the attention of other members to a recent circular the Central Bank of Nigeria (CBN) issued to that effect.

It was also gathered the Federal lawmakers were particularly worried that implementation of the new ATM fee increments would impose additional financial burdens on Nigerians.

The House, however, urged the CBN to suspend the policy pending proper engagement with the relevant Committees on Banking, Finance, and Financial Institutions.

绿帽献妻 had reported the CBN, February 10, 2025, announced that charges would apply anytime bank customers use the ATMs of banks other than theirs.

The Bankers’ Bank stated: “The three free monthly withdrawals allowed for remote-on-us (other bank鈥檚 customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”

The CBN also directed banks and other financial institutions to apply the following charges with effect from March 1, 2025.

It further noted while customers withdrawing at the ATMs of their banks and financial institutions would not be charged, customers withdrawing from the ATM of other banks would now be charged N100 per every N20,000.

The CBN said for off-site ATMs 鈥� automated teller machines not on a bank鈥檚 premises 鈥� like those at shopping malls, eateries and other public places 鈥� a surcharge of not more than N500 per every N20,000 will apply in addition to the statutory N100 fee for withdrawals by customers of other banks鈥� ATMs.

The Bank as well attributed the reviewed charges to rising costs and the need to improve the efficiency of ATM services in the country.

The circular stated: “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.”