The Socio-{Economic} Rights and Accountability Challenge (SERAP) has referred to as on President Bola Tinubu to direct the Central Bank of Nigeria (CBN) to instantly droop the current hike in automated teller machine (ATM) withdrawal costs pending the result of a courtroom ruling on the matter.
In a tweet on X (previously Twitter) on Sunday, SERAP said:
“We’ve urged President Tinubu to direct the CBN to instantly droop the ATM payment hike pending courtroom verdict on the matter. That is solely in line with the Nigerian Structure 1999 [as amended], his oath of workplace and guarantees to uphold the rule of regulation.”
The Central Bank of Nigeria (CBN) lately authorized a rise in ATM withdrawal costs, elevating considerations amongst Nigerians in regards to the affect on {financial} inclusion and entry to banking companies. Beneath the brand new coverage, {bank} prospects might be charged larger charges for money withdrawals from ATMs of different banks—a transfer that has sparked widespread criticism from shopper advocacy {groups} and civil society organizations.
SERAP, a number one rights group centered on selling transparency and accountability, has already filed a lawsuit difficult the payment improve, arguing that it violates the {economic} rights of Nigerians and locations an extra {financial} burden on already struggling residents.
Some {financial} analysts have additionally criticized the CBN’s determination, arguing that it contradicts ongoing efforts to advertise cashless transactions and improve banking accessibility. They warn that larger transaction prices may drive extra Nigerians in direction of casual {financial} programs, decreasing the effectiveness of the nation’s financial insurance policies.
SERAP, final week, filed a lawsuit on the Federal Excessive Courtroom in Lagos, searching for to cease the CBN from implementing the current improve in Automated Teller Machine (ATM) transaction charges.
Nevertheless, a N100 payment per N20,000 withdrawal will apply at on-site ATMs—these situated inside {bank} branches.
For withdrawals at ATMs of different banks (not-on-us transactions), a N100 payment plus a surcharge of as much as N450 per N20,000 withdrawal might be charged at off-site places.
