The Socio-Economic Rights and Accountability Project (SERAP) has issued a 48-hour ultimatum to the Central Bank of Nigeria (CBN), demanding the reversal of the recent increase in Automated Teller Machine (ATM) transaction fees.

The advocacy group insists that the new charges are “unlawful, unfair, unreasonable, and unjust,” particularly for economically vulnerable Nigerians.

In an open letter addressed to CBN Governor, Olayemi Cardoso, and signed by its Deputy Director, Kolawole Oluwadare, the rights group described the policy as “patently unlawful, unfair, unreasonable, and unjust,” arguing that it would disproportionately affect economically vulnerable Nigerians.

The apex bank had recently announced that effective March 1, 2025, ATM withdrawals made at off-site machines—those located outside bank branches—would attract a charge of N100 per N20,000 withdrawn.

Withdrawals at shopping centers, airports, and standalone cash points would carry an additional surcharge of up to N500 per transaction.

SERAP condemned the policy, asserting that the fee increase would further impoverish ordinary Nigerians while benefiting commercial banks that continue to declare massive profits.

The letter read, “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 organisation accused the CBN of failing in its statutory responsibility to protect the financial interests of citizens.

“CBN policies should not be skewed against poor Nigerians while favouring banks that rake in trillions of naira in profit. This increase will only inflict hardship and contribute to human rights abuses,” SERAP stated.

Citing legal provisions, SERAP argued that the fee hike contradicts Nigeria’s Constitution, the CBN Act, and the Federal Competition and Consumer Protection Act. It further maintained that the move runs afoul of international human rights obligations.

“The exorbitant and unlawful increase in ATM transaction fees at a time the country is grappling with economic hardship would only worsen poverty levels. This creates a two-tiered financial system that discriminates against poor Nigerians who may be unable to afford the increased fees,” SERAP added.

SERAP warned that failure to reverse the policy within 48 hours would prompt legal action against the CBN.

“We would be grateful if the recommended measures are taken within 48 hours of the receipt and/or publication of this letter. If we do not hear from you, SERAP shall take all appropriate legal actions to compel you and the CBN to comply in the public interest,” the organisation stated.

The group further urged the Tinubu administration to ensure that the CBN aligns its policies with national economic priorities rather than those of commercial banks.

With public backlash mounting, the coming days will reveal whether the CBN will reconsider its decision or face a legal showdown with SERAP.