The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to intervene in the ongoing dispute over the Central Bank of Nigeria’s (CBN) controversial hike in Automated Teller Machine (ATM) transaction fees.

In a letter dated March 1, SERAP urged the president to direct the CBN to suspend the implementation of the increase until a Federal High Court ruling on the matter is reached.

The group is also calling for an opinion from the Attorney General of the Federal ation to determine whether the CBN’s actions align with legal and constitutional requirements.

The dispute stems from the CBN’s announcement of new fees on ATM transactions, which took effect in February 2025. According to the CBN’s directive, ATM withdrawals at off-branch locations would incur a fee of N100 per N20,000 withdrawn, while transactions at shopping malls, airports, and standalone ATMs would be subject to an additional N500 surcharge.

SERAP argued that this hike is unlawful, unfair, and unjust, and filed a lawsuit against the CBN at the Federal High Court in Lagos. In its letter to President Tinubu, SERAP emphasized the importance of suspending the fee increase in the interest of upholding the rule of law.

The group contended that the CBN’s decision to implement the fee hike while a lawsuit challenging its legality is still pending undermines the judicial process and risks rendering the court’s eventual decision irrelevant.