National
SERAP Sues CBN Over ATM Fee Hike
By Gideon Ayeni
The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN) over its increase in Automated Teller Machine (ATM) transaction fees, describing the move as unlawful, unfair, and exploitative.
The CBN introduced new ATM fee, including a ₦100 fee for every ₦20,000 withdrawn from off-premises ATMs and an additional surcharge of up to ₦500 for withdrawals at standalone cash points, airports, and shopping centers.
In a lawsuit filed at the Federal High Court in Lagos under suit number FHC/L/CS/344/2025, SERAP argues that the CBN ATM fee hike violates the Federal Competition and Consumer Protection Act 2018 and disproportionately affects low-income Nigerians. The organization is seeking an interim injunction to halt the implementation of the new charges while the case is being heard.
SERAP contends that the policy is unconstitutional, undermines economic stability, and contradicts international human rights obligations. It argues that the financial burden of ATM transactions should be borne by banks and their shareholders, rather than consumers, especially given the banking sector’s significant profits.
The legal action seeks several reliefs, including:
A declaration that the ATM fee increase is arbitrary and violates consumer protection laws.
A ruling that the CBN cannot raise fees without approval from the Federal Competition and Consumer Protection Commission (FCCPC).
An order nullifying the CBN’s circular on ATM fee adjustments.
A restraining order preventing the enforcement of the new charges.
The court has yet to set a date for the hearing.
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