The Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to stop the new ATM fee increase. Moreover, they want the fees suspended until the Federal High Court in Lagos rules on their legality.
In a letter dated March 1, 2025, SERAP urged Tinubu to consult with Attorney General Lateef Fagbemi (SAN). Furthermore, they believe that the Central Bank of Nigeria (CBN) should respect the rule of law by delaying the fee hike until the case is heard in court.
Previously, SERAP filed a lawsuit against the CBN. In addition, they argued that the fee hike is “unfair and unjust.” Under the new policy, withdrawals from ATMs outside bank branches cost N100 per N20,000. Also, machines at standalone locations, shopping malls, and airports will add a surcharge of up to N500.
SERAP argues that increasing fees while the case is pending will weaken the legal system. Therefore, they insist that the CBN must wait for the court’s final decision. Moreover, allowing the hike now could encourage other agencies to ignore pending legal cases.
In addition, SERAP reminded Tinubu of his promise to uphold the rule of law. They urged him to protect citizens’ rights and ensure that the judicial system works properly. Consequently, they believe that stopping the fee increase is in the public interest.
Furthermore, SERAP filed the lawsuit on February 21, 2025. Subsequently, the CBN received and acknowledged the court documents on February 26, 2025. Finally, there has been no official response from the presidency or the CBN, and many Nigerians now await further updates.
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