The House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria.
A motion of public importance moved by a member, Marcus Onobun, drew the attention of the House to a circular by the Central Bank of Nigeria to that effect.
Lawmakers were worried that this would impose additional financial burdens on Nigerians.
The House asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.
On February 10, 2025, the apex bank announced that charges would apply anytime customers use the ATMs of banks other than theirs.
The CBN directed banks and other financial institutions to apply the following charges with effect from March 1, 2025.
The apex bank said while customers withdrawing at the ATMs of their banks and financial institutions won’t be charged, customers withdrawing from the ATM of other banks would now be charged ₦100 per every ₦20,000.
