Socio-Economic Rights and Accountability Project, (SERAP) has sued the Central Bank of Nigeria (CBN) “over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in Automated Teller Machine transaction fees”.
The CBN recently announced that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.
ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.
In the suit number FHC/L/CS/344/2025 filed last Friday at the Federal High Court, Lagos, SERAP is asking the court to determine ‘whether the decision by the CBN to increase ATM transaction fees is not arbitrary, unfair, unreasonable, and contrary to the provisions of the Federal Competition and Consumer Protection Act 2018’.
SERAP is asking the court for ‘a declaration that the decision by the CBN to increase ATM transaction fees is arbitrary, unfair, unreasonable and contrary to the provisions of sections 1(c) and (d), 104, 105 and 127(1) of the Federal Competition and Consumer Protection Act 2018, which is binding on the CBN’.
SERAP is seeking “an order of interim injunction restraining the CBN, its officers, agents, associates or any other persons acting on its directive or instructions from enforcing and giving effect to the decision, pending the hearing and determination of the motion on notice for an order of interlocutory injunction filed in this suit”.
In the suit, SERAP is arguing that: “The increase cannot be justified under the Nigerian Constitution 1999 (as amended), the CBN Act, Federal Competition and Consumer Protection Act, and the country’s international human rights obligations.
“The increase creates a two-tiered financial system that discriminates against poor Nigerians who may not be able to afford or pay the increased ATM fees.
“The patently unlawful, unfair, unreasonable and unjust increase in ATM transaction fees also inherently contributes to violations of the human rights of socially and economically Nigerians.
“The CBN is compromising its stated mission to advance the management of the country’s economy, and ultimately, sustainable development”, the organisation stated.
