 to put a hold on its newly introduced Automated Teller Machine){kind=link}
The House of Representatives has called on the Central Bank of Nigeria (CBN) to put a hold on its newly introduced Automated Teller Machine (ATM) withdrawal charges, which eliminate free transactions for customers using ATMs of other banks.
This resolution came after a motion of urgent public importance was raised by lawmaker Marcus Onobun, who brought attention to a recent directive from the CBN.
Lawmakers expressed concerns that implementing these charges would further burden Nigerians financially.
As a result, the House instructed the CBN to delay enforcing the policy until it has engaged in thorough discussions with key committees on banking, finance, and financial institutions.
The CBN, in a circular issued on February 10, 2025, announced that customers would now be charged whenever they withdraw cash from ATMs not belonging to their banks.
This directive also discontinued the existing rule that allowed customers three free interbank withdrawals per month.
Set to take effect on March 1, 2025, the policy stipulates a charge of ₦100 per ₦20,000 withdrawn from another bank’s ATM.
Furthermore, off-site ATMs—those in locations such as shopping malls and restaurants—will carry an extra fee of up to ₦500 per ₦20,000 withdrawn, in addition to the standard ₦100 charge.
The CBN defended the changes, citing rising operational costs and the need to enhance the efficiency of ATM services.
It also noted that the new charges would help expand ATM deployment across the country while ensuring financial institutions implement appropriate service fees.