The Socio-Economic Rights and Accountability Project (SERAP) has issued the Central Bank of Nigeria (CBN) a 48-hour ultimatum to reverse the “unlawful, unfair, unreasonable, and unjust hike in Automated Teller Machine (ATM) transaction fees.

The CBN announced that from March 1 ATM withdrawals made at a machine owned by a bank but outside its branch premises would now attract a charge of N100 per N20,000 withdrawn.

ATM withdrawals at shopping centres, airports or standalone cash points will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.

In an open letter to the CBN Governor Olayemi Cardoso, the organisation warned that the fee hike would worsen the economic hardships in the country.

It said: “The manifestly unlawful, unfair, unreasonable, and unjust increase in ATM transaction fees will hit hardest those at the bottom of the economy and exacerbate the growing poverty in the country.

“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.

“The CBN policies should not be skewed against poor Nigerians and heavily in favour of banks that continue to declare trillions of naira in profits mostly at the expense of their customers.

“The increase in ATM transaction fees would inflict misery on poor Nigerians and contribute to human rights abuse.