The Socio-Economic Rights and Accountability Project has described the new hike in Automated Teller Machine transaction fees announced by the Central Bank of Nigeria (CBN) as unlawful, unfair, unreasonable, and unjust.
Papers News reports that the apex bank, in a circular issued on February 10, 2025, imposed ₦100 charges on cash withdrawals from Automated Teller Machines (ATMs) of banks other than the customers’ own while withdrawals at shopping centres, airports, and standalone cash points will carry an additional surcharge of up to N500 per ₦20,000 withdrawal.
The directive takes effect March 1, 2025.