The House of Representatives has called for the suspension of the recent increase in Automated Teller Machine (ATM) transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs.
This resolution followed a motion of urgent public importance moved by Hon. Marcus Onobun, who raised concerns over a circular issued by the Central Bank of Nigeria (CBN) announcing the new charges.
Lawmakers expressed worry that the policy would impose additional financial burdens on Nigerians, particularly at a time of economic hardship. In response, the House directed the CBN to suspend the implementation of the policy until proper consultations are held with relevant committees on banking, finance, and financial institutions.
On February 10, 2025, the CBN announced new ATM transaction charges, stating that the previous allowance of three free withdrawals per month for customers using other banks’ ATMs would be discontinued. According to the circular, effective March 1, 2025, customers withdrawing from ATMs of other banks will now be charged ₦100 per every ₦20,000 withdrawn.
Additionally, for off-site ATMs—those located outside bank premises, such as in shopping malls and public spaces—an extra surcharge of up to ₦500 per ₦20,000 will
