The Socio-Economic Rights and Accountability Project (SERAP) has called on the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, to immediately withdraw the recent increase in Automated Teller Machine (ATM) transaction fees, describing it as unlawful and unfair.
The CBN recently announced that ATM withdrawals outside a bank’s premises will now attract a charge of N100 per N20,000 withdrawn, with additional fees of up to N500 for withdrawals at shopping centers and airports. The policy is set to take effect from March 1, 2025.
In an open letter signed by SERAP Deputy Director Kolawole Oluwadare, the organization stated that the increase disproportionately affects the poor and would exacerbate poverty in the country. SERAP argued that the burden of these fees should fall on wealthy banks rather than ordinary Nigerians.
The organization also highlighted that the CBN’s decision contradicts President Bola Tinubu’s commitment to tackling poverty. SERAP has demanded that the CBN withdraw the fee increase within 48 hours, warning that legal action would be taken if no response is received.
Citing sections of the Nigerian Constitution, the CBN Act, and the Federal Competition and Consumer Protection Act, SERAP contended that the increase violates consumer rights and human rights obligations. The group emphasized that the CBN has a duty to ensure financial policies do not contribute to economic hardship.
The letter also referenced the United Nations Guiding Principles on Business and Human Rights, urging the CBN to reassess its policies to prevent further financial strain on Nigerians.
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