The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct the Central Bank of Nigeria (CBN) to put a hold on the recent increase in ATM transaction fees.
The organization insists that the fee hike should be suspended until the Federal High Court in Lagos delivers a verdict on its legality.
In a statement signed by its deputy director, Kolawole Oluwadare, SERAP stressed that enforcing the new charges while a lawsuit is still in court would undermine the rule of law.
The lawsuit, filed last month, challenges what SERAP describes as an “unlawful, unfair, and unjust” increase in ATM transaction fees.
What’s the Controversy About?
The CBN recently announced a new policy where ATM withdrawals from non-branch locations, such as shopping malls and airports, would attract a ₦100 charge per ₦20,000 withdrawn.
Additionally, transactions at standalone ATMs would include an extra surcharge of up to ₦500.
SERAP argues that enforcing these fees while the lawsuit is still pending is a violation of due process.
It further urged the president to seek legal counsel from the Attorney General on whether the CBN has the authority to implement such charges before a final court ruling.
SERAP’s Stand on the Issue
SERAP insists that suspending the ATM fee hike aligns with the Nigerian Constitution and Tinubu’s pledge to uphold the rule of law.
The organization highlighted that the CBN must respect the legal process and avoid actions that could undermine public trust in the judicial system.
“Nigerian courts frown upon any act of self-help and are swift in rejecting such conduct.
The CBN must not be allowed to overreach public interest or undermine the court’s authority,” the statement read.
The group further warned that implementing the new charges while the case is ongoing could set a dangerous precedent, where government agencies disregard pending court decisions.
What Happens Next?
The lawsuit against the CBN is still before the Federal High Court, Lagos. Until a ruling is made, SERAP insists that the new ATM fee hike should remain on hold.
Meanwhile, Nigerians await a final decision on whether the increased charges will be reversed or upheld.
What’s your take on this issue? Should the CBN proceed with the new ATM fees, or should they wait for the court’s verdict? Share your thoughts!
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