The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct Central Bank of Nigeria (CBN) Governor Olayemi Cardoso to halt the recent increase in Automated Teller Machine (ATM) transaction fees. The organization emphasized that the suspension should remain in place until the Federal High Court in Lagos rules on the lawsuit challenging the legality of the fee hike.
Additionally, SERAP has urged Tinubu to seek legal counsel from the Attorney General of the Federation, Lateef Fagbemi, SAN, regarding whether the CBN has a legal obligation to uphold the rule of law by pausing the new ATM charges while the case is in court.
Last month, SERAP filed a lawsuit against the CBN over what it described as an “unlawful, unfair, and unjust” increase in ATM transaction fees. The policy in question imposes a ₦100 charge on ATM withdrawals made at off-branch bank-owned machines for amounts up to ₦20,000. Withdrawals at locations such as shopping malls, airports, or standalone cash points attract an additional surcharge of up to ₦500.
In an open letter dated March 1, 2025, and signed by Deputy Director Kolawole Oluwadare, SERAP stated that directing the CBN to suspend the fee increase would allow the court to determine the case on its merits. The organization argued that proceeding with the new charges despite the ongoing lawsuit would undermine the judicial process and contradict constitutional principles.
SERAP further contended that the CBN must maintain the status quo as of February 26, 2025, when it was officially served with the court documents. It warned that allowing the implementation of the fee hike while the lawsuit is pending could erode public confidence in the judiciary and set a precedent for government agencies to disregard legal challenges.
The lawsuit, filed on February 21, 2025, at the Federal High Court in Lagos under case number FHC/L/CS/344/2025, seeks a legal ruling on whether the CBN’s decision to increase ATM transaction fees is arbitrary, unreasonable, and in violation of the Federal Competition and Consumer Protection Act 2018.
SERAP highlighted that Tinubu, since assuming office in May 2023, has pledged to govern impartially and uphold the rule of law. The organization stressed that protecting judicial integrity and ensuring fair legal proceedings are essential for a just society.
Quoting constitutional provisions, SERAP reiterated that the judiciary holds the authority to resolve disputes between individuals and government bodies, and the CBN must respect the legal process by awaiting the court’s verdict before implementing the fee hike.
