The House of Representatives on Tuesday halted the implementation of Central Bank of Nigeria (CBN) new policy on increased charges on ATM withdrawals.
The resolution was passed sequel to the adoption of an urgent motion of public importance sponsored by Hon. Marcus Onobun, who expressed grave concerns over the economic impact on Citizens across the country.
In his lead debate, Onobun argued that Nigerians are already burdened by rising costs, including increases in electricity and telecommunications tariffs.
He, therefore, warned that an increase in ATM withdrawal charges would further strain households struggling with the country’s economic realities.
He said: “The House is aware that the Central Bank of Nigeria (CBN) in its new circular, has reviewed the ATM transaction fees stipulated under section 10.7 of the ‘CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions’, prescribing an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs, thereby imposing additional financial burdens on Nigerians.
“The House is also aware that the said section 10.7 of this Guide was last reviewed in 2019, reducing ATM transaction fees from N65 to N35 per transaction.
“The House note that according to this new policy, customers withdrawing from their Bank’s ATMs will continue to enjoy free withdrawals.
“However, a fee of N100 per N20,000 withdrawals will be applied to customers from other Banks transacting from ATMs within the Bank premises.
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