The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, to suspend the implementation of the recently increased Automated Teller Machine (ATM) transaction fees. This request comes as a lawsuit challenging the legality of the fee hike is currently before the Federal High Court in Lagos.
In an open letter dated March 1, 2025, and signed by SERAP Deputy Director Kolawole Oluwadare, the organization urged President Tinubu to seek legal advice from the Attorney General of the Federation, Mr. Lateef Fagbemi, SAN, to determine whether the CBN is legally obligated to suspend the hike. The request is intended to allow the Federal High Court to fully hear and rule on the lawsuit before any further implementation of the new fees.
The legal challenge was initiated by SERAP after the CBN announced an increase in ATM transaction fees, which includes a N100 charge for ATM withdrawals at a bank’s machine outside its branch, and a combined fee of N100 plus a surcharge of up to N500 for transactions at shopping centers, airports, or standalone cash points. These changes are scheduled to take effect on March 1, 2025.
SERAP argues that the increase is unlawful and unfair, urging the CBN to uphold the rule of law by suspending the fee hike until the matter is resolved in court. “Implementing the increased ATM fees while the lawsuit is pending would undermine the judicial process and the integrity of the Nigerian legal system,” SERAP stated in its letter.
The organization contends that enforcing the increased fees before the court’s decision would undermine the judicial process and could set a dangerous precedent for other government agencies disregarding ongoing legal proceedings. The letter stressed that the CBN has a responsibility to maintain the status quo until the matter is resolved.
In the ongoing lawsuit (FHC/L/CS/344/2025), SERAP is challenging the legality of the CBN’s decision to raise the ATM fees, claiming that the increase is arbitrary, unreasonable, and contrary to the Federal Competition and Consumer Protection Act of 2018. SERAP further emphasized that President Tinubu’s commitment to upholding the Constitution and the rule of law should guide the CBN’s actions, urging the suspension of the fee increase as a demonstration of respect for the judicial process.
SERAP has emphasized that the only fair course of action is to allow the court to resolve the matter on its merits, free from external interference. The organization has also pointed out that judicial independence is essential to ensure that judges can make decisions based on facts and law without improper influence.
The letter concluded by urging the President to act swiftly to protect the integrity of Nigeria’s judicial process and uphold the rule of law by halting the implementation of the increased ATM fees pending the outcome of the lawsuit.
