The Socio-Economic Rights and Accountability Project (SERAP) has urged the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, to immediately withdraw the recently announced increase in Automated Teller Machine (ATM) transaction fees.

In an open letter dated February 15, 2025, SERAP described the increase as “patently unlawful, unfair, unreasonable, and unjust,” and stated that it would “hit hardest those at the bottom of the economy and exacerbate the growing poverty in the country.”

The organization’s deputy director, Kolawole Oluwadare, said, “The increase in ATM transaction fees ought to have been shouldered by wealthy banks and their shareholders, not the general public. The increase only benefits the CBN and commercial banks at the expense of poor Nigerians.”

SERAP argued that the increase in ATM transaction fees is inconsistent with the Nigerian Constitution, the CBN Act, and the country’s international human rights obligations. The organization also stated that the CBN has clear responsibilities under the United Nations Guiding Principles on Business and Human Rights to undertake human rights due diligence and to avoid contributing to human rights violations.

The CBN had 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made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn, while ATM withdrawals at shopping centers, airports, or standalone cash points will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.

SERAP urged the CBN governor to take immediate action to reverse the increase, stating, “We would be grateful if the recommended measures are taken within 48 hours of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.”