The House of Representatives has urged the Central Bank of Nigeria (CBN) to halt its recent directive on increased Automated Teller Machine (ATM) transaction charges and the removal of free withdrawals for customers using other banks’ ATMs.
This decision followed a motion of urgent public importance moved by lawmaker Marcus Onobun, who drew attention to a circular issued by the apex bank.
Lawmakers expressed concerns that the policy would place an additional financial strain on Nigerians.
In response, the House directed the CBN to suspend the implementation of the new charges until proper consultations are held with relevant committees on banking, finance, and financial institutions.
The CBN had announced on February 10, 2025, that customers would now incur charges whenever they use ATMs belonging to banks other than their own.
According to the circular, the previous provision allowing three free withdrawals per month for such transactions was revoked.
Under the new policy, which is set to take effect on March 1, 2025, customers will be charged ₦100 for every ₦20,000 withdrawn from another bank’s ATM.
Additionally, withdrawals from off-site ATMs—those located outside bank premises, such as in shopping malls and restaurants—will attract a surcharge of up to ₦500 per ₦20,000, in addition to the ₦100 standard fee.
The CBN justified the adjustment by citing increased operational costs and the need to enhance the efficiency of ATM services nationwide.
It also stated that the revised charges are expected to accelerate the deployment of more ATMs and ensure financial institutions apply appropriate fees for the service.