The House of Representatives has asked the Central Bank of Nigeria, CBN, to suspend its recent directive increasing ATM withdrawal charges, citing concerns over the financial burden on citizens.
The resolution was passed following a motion of urgent national importance moved by Rep. Marcus Onobun (Esan Central/West/Igueben Federal Constituency) during Tuesday’s plenary in Abuja.
Onobun argued that the additional charges would further exclude low-income earners from banking services, contradicting the CBN’s financial inclusion agenda. He noted that Nigerians are already struggling with rising inflation, high fuel prices, electricity tariff hikes, and multiple service charges.
“The new directive removes free ATM withdrawals for customers using other banks’ ATMs and raises transaction fees, adding more financial strain on Nigerians,” he said.
He pointed out that the last review of ATM charges in 2019 reduced transaction fees from ₦65 to ₦35 per withdrawal. The current increase, he warned, would only worsen economic hardships for many.
Following a unanimous adoption of the motion, Speaker Tajudeen Abbas and other lawmakers urged the CBN to reconsider the directive to ease the financial pressure on citizens.
Crediblenewsng.com
