SERAP asks court to stop CBN’s “unjust” ATM charges
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over its recent increase in Automated Teller Machine (ATM) transaction fees, calling the move unlawful, unfair, and exploitative.
The CBN recently introduced new charges, including a ₦100 fee per ₦20,000 withdrawal from off-premises ATMs and an additional surcharge of up to ₦500 for withdrawals at standalone cash points, airports, and shopping centers.
SERAP argues that these increases violate the Federal Competition and Consumer Protection Act 2018 and disproportionately impact low-income Nigerians.
The lawsuit, filed at the Federal High Court in Lagos under suit number FHC/L/CS/344/2025, seeks a ruling on whether the CBN’s decision aligns with consumer protection laws. SERAP is requesting an interim injunction to halt the implementation of the new charges while the case is being heard.
In its suit, SERAP contends that the policy is unconstitutional, undermines economic stability, and contradicts international human rights obligations. The organization argues that banks and their shareholders, rather than consumers, should bear the cost of ATM transactions, given the financial sector’s significant profits.
SERAP is asking the court for several reliefs, including:
- A declaration that the ATM fee hike is arbitrary and violates consumer protection laws.
- A ruling that the CBN cannot raise fees without approval from the Federal Competition and Consumer Protection Commission (FCCPC).
- An order nullifying the CBN’s circular on ATM fee adjustments.
- A restraining order preventing the enforcement of the new charges.
The court has yet to schedule a hearing for the case.
