The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its decision to increase Automated Teller Machine (ATM) transaction fees, which the organization describes as “unlawful, unfair, unreasonable, and unjust.”
In a recent directive, the CBN announced that ATM withdrawals made at machines outside bank premises would attract a charge of N100 per N20,000 withdrawn.
It is also revealed that withdrawals from ATMs located in shopping centres, airports, or stand – alone cash points would incur an additional surcharge of up to N500 per N20,000 withdrawal.
SERAP, in suit number FHC/L/ CS/344/2025 filed last Friday at the Federal High Court, Lagos, is seeking a judicial determination on whether the CBN’s decision to increase ATM transaction fees violates the Federal Competition and Consumer Protection Act (FCCPA) 2018.
