The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Central Bank of Nigeria (CBN) regarding the recent hike in Automated Teller Machine (ATM) transaction fees. The CBN’s new policy mandates that withdrawals from bank-owned ATMs outside their branch premises will incur a fee of N100 for every N20,000 withdrawn. Additionally, withdrawals at shopping centers, airports, and standalone cash points will attract a N100 charge, plus a surcharge of up to N500.
In a lawsuit filed at the Federal High Court in Lagos (case number FHC/L/CS/344/2025), SERAP is contesting the legality of the CBN’s decision, arguing that it is arbitrary and violates the Federal Competition and Consumer Protection Act of 2018. They seek a declaration from the court that the fee increase is unjust and contrary to the provisions of the law.
SERAP is also requesting an interim injunction to prevent the CBN and its associates from enforcing the new fees while the case is under review. They assert that the increase disproportionately affects economically disadvantaged Nigerians and creates an unfair two-tiered financial system.
The organization contends that the CBN’s actions compromise its mission to manage the economy effectively and uphold human rights. They emphasize that the burden of the fee hike should have been borne by banks and their shareholders, rather than the general public.
As of now, no hearing date has been set for the case.
