By Ghazali Ibrahim 
The House of Representatives has passed a resolution urging the Central Bank of Nigeria (CBN) to suspend its recent increase in Automated Teller Machine (ATM) transaction charges.
The lawmakers expressed concerns that the new policy would impose additional financial burdens on Nigerians, who are already grappling with economic challenges.
The CBN’s new policy, announced on February 10, 2025, removes the three free monthly withdrawals previously allowed for customers using ATMs of banks other than their own.
Under the new policy, customers will be charged N100 for every N20,000 withdrawn from another bank’s ATM, with off-site ATMs imposing a surcharge of up to N500 per N20,000.
The motion, moved by Marcus Onobun, was adopted after lawmakers argued that the new charges would disproportionately affect low-income Nigerians and may discourage the use of ATMs, pushing more people towards informal banking methods.
The House of Representatives has called on the CBN to halt the implementation of the policy pending further consultations with relevant House committees, including those on banking, finance, and financial institutions.
The CBN, however, defends the policy, citing rising operational costs and the need to improve the efficiency of ATM services across the country.
Despite this, the announcement has sparked widespread criticism from the public and lawmakers.
“This policy will place an undue burden on Nigerians, especially those in rural areas who rely heavily on ATMs for their banking needs,” Onobun said during the debate.
The CBN has yet to respond to the House of Representatives’ resolution.
