CBN ON NOTICE: SERAP Issues 48-Hour Ultimatum to Reverse “Unjust” ATM Fee Hike or Face Legal Action

By Emmanuel Kwada

The Socio-Economic Rights and Accountability Project (SERAP) has just given the Central Bank of Nigeria (CBN) a 48-hour ultimatum to reverse the recent hike in ATM transaction fees.

This move is in response to the CBN’s announcement that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn. Additionally, ATM withdrawals at shopping centers, airports, or standalone cash points will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.

SERAP is urging the CBN to immediately withdraw the increase in ATM transaction fees, which they describe as “patently unlawful, unfair, unreasonable, and unjust”.

The organization believes that this hike will hit the most vulnerable members of society the hardest, exacerbating the already difficult economic conditions faced by many Nigerians. By giving the CBN a 48-hour ultimatum, SERAP is putting pressure on the bank to reconsider its decision and prioritize the needs of the Nigerian people.

Immediately withdraw the increase in ATM transaction fees, which they describe as patently unlawful, unfair, unreasonable, and unjust

The CBN’s decision to increase ATM transaction fees has been met with widespread criticism, with many arguing that it will disproportionately affect those who are already struggling to make ends meet. SERAP’s ultimatum is a clear call to action, demanding that the CBN take immediate steps to reverse the hike and ensure that the exercise of its statutory powers and functions does not inflict misery on poor Nigerians and contribute to human rights abuses.

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