House of Reps Urges CBN to Suspend New ATM Withdrawal Charges
The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the planned increase in Automated Teller Machine (ATM) transaction charges, citing the economic hardship faced by Nigerians. The decision followed a motion by Edo lawmaker Marcus Onobun, who criticized the new policy for adding financial burdens, especially on low-income earners.
Under the revised charges, customers using other banks’ ATMs would pay N100 for withdrawals within bank premises and an additional N500 for transactions outside, while withdrawals from one’s bank remain free. Lawmakers argued that the move contradicts the CBN’s financial inclusion agenda and unfairly impacts consumers without improving banking services. The Speaker, Tajudeen Abbas, put the motion to a vote, and it was overwhelmingly supported, leading the House to urge the CBN to suspend the policy until further consultations with relevant committees are held.
