REPS ORDER CBN TO SUSPEND HIKE IN ATM CHARGES

House Representative in section; Phot credited to asabemetro

The House of Representatives has instructed the Central Bank of Nigeria (CBN) to suspend the recent increase in ATM transaction charges.

This decision followed a motion raised by Rep. Marcus Onobun, who expressed concerns about the new charges outlined in a CBN circular.

Lawmakers feared that the increase would create additional financial burdens for Nigerians.

Starting from March 1, 2025, CBN had announced that customers would face a ₦100 charge for every ₦20,000 withdrawn from ATMs of other banks, with an additional ₦500 surcharge for off-site ATMs.

The House directed the CBN to suspend the policy and engage with the relevant committees on banking, finance, and financial institutions for further discussion.

This act of the legislature could only have been backed with the following facts:

Impact on Nigerians: The House of Representatives' decision to suspend the new ATM charges aims to protect Nigerians from potentially higher banking costs. The CBN's initial plan could have placed a financial burden on users, particularly those who use ATMs from banks other than their own, as well as for off-site ATM withdrawals.

Possible Engagement with Relevant Committees: The CBN will likely need to engage with the banking, finance, and financial institutions committees to address concerns over the charges. This could involve discussions on the rationale behind the increase, alternatives to cover the costs associated with ATM usage, or changes to the policy to make it more equitable for all users.

Further Deliberations: The suspension of the charges gives lawmakers time to further review the potential impact and find a solution that balances the operational costs of the banks with the needs of the public.

Public Sentiment: This move may also reflect public sentiment against increased banking fees, as lawmakers appear to be responding to concerns from their constituencies about the financial strain these charges could cause.

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