The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its directive increasing ATM withdrawal charges, citing the potential financial burden on Nigerians.
The resolution followed a motion on urgent national importance moved by Rep. Marcus Onobun (Esan Central/West/Igueben Federal Constituency) during plenary on Tuesday.
Onobun warned that the increase in ATM withdrawal charges would negatively impact financial inclusion, especially for low-income earners who might be discouraged from using banking services.
“Nigerians are already grappling with economic hardship, including high inflation, increased fuel prices, electricity tariff hikes, and numerous banking and service charges,” he said.
The lawmaker further stressed that the policy contradicts the CBN’s financial inclusion agenda.
“Aware that CBN, in its new circular, has reviewed the ATM transaction fees stipulated under Section 10.7 of the CBN Guide to Charges by Banks, Other Financial, and Non-Bank Financial Institutions.
“Prescribing an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs. Thereby imposing additional financial burdens on Nigerians.
“Also aware that the said Section 10.7 of this guide was last reviewed in 2019, reducing ATM transaction fees from ₦65 to ₦35 per transaction,” he said.
Following deliberations, Speaker Tajudeen Abbas and the entire House adopted the motion, urging the CBN to suspend the increase in ATM withdrawal charges.
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