The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend its new policy increasing ATM withdrawal charges and stopping free ATM withdrawals for customers of other banks.
Sponsored by Rt. Hon. Marcus I. Onobun (KSC), the motion highlights concerns that the policy will worsen Nigerians’ financial burdens amid economic hardships. The policy introduces a N100 charge for withdrawals of N20,000 at bank ATMs and an additional N500 surcharge for off-site transactions.
Lawmakers argue that this move contradicts financial inclusion goals and is unjustified given banks’ profitability. The House called for the suspension of the policy pending further review by relevant committees.
