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House Of Reps Orders Suspension Of New ATM Charges, Free Withdrawal Ban
The resolution followed a motion of urgent public importance moved by Rep. Marcus Onobun, who raised concerns over a CBN circular announcing the new charges.
Abuja, Nigeria – The House of Representatives has passed a resolution urging the Central Bank of Nigeria (CBN) to suspend the recent increase in Automated Teller Machine (ATM) transaction charges and the discontinuation of free withdrawals for customers using other banks’ ATMs.
The resolution followed a motion of urgent public importance moved by Rep. Marcus Onobun, who raised concerns over a CBN circular announcing the new charges.
Lawmakers expressed worries that the policy would impose additional financial burdens on Nigerians already struggling with economic hardship.
The CBN, in a directive issued on February 10, 2025, had eliminated the three free monthly withdrawals for customers using ATMs of banks other than theirs.
Effective March 1, 2025, customers withdrawing from other banks’ ATMs would be charged ₦100 per ₦20,000 withdrawn. Additionally, for off-site ATMs—such as those in malls and public places—an extra surcharge of up to ₦500 per ₦20,000 withdrawal would apply.
Defending the policy, the CBN cited rising operational costs and the need to enhance ATM service efficiency.
However, the House of Representatives has directed the apex bank to put the implementation on hold pending further consultations with relevant committees on banking, finance, and financial institutions.
