The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) in response to the recent directive increasing Automated Teller Machine (ATM) transaction fees.
SERAP argues that the fee hike is “unlawful, unfair, unreasonable, and unjust” and has taken legal action to protect the interests of Nigerian citizens.
According to the CBN directive, ATM withdrawals made at machines outside bank premises will now incur a charge of N100 per N20,000 withdrawn.
Additional surcharges of up to N500 per N20,000 withdrawal will apply at ATMs located in shopping centers, airports, or standalone cash points.
In suit number FHC/L/CS/344/2025, filed at the Federal High Court in Lagos, SERAP contends that the fee hike contradicts the Federal Competition and Consumer Protection Act (FCCPA) of 2018.
SERAP’s counsel, Kolawole Oluwadare and Andrew Nwankwo, argue that the ATM fee increase discriminates against lower-income Nigerians, creating an unjust, two-tiered financial system.
Furthermore, SERAP asserts that the CBN’s decision violates not only the Nigerian Constitution and the CBN Act but also the Federal Competition and Consumer Protection Act and the country’s international human rights obligations
“The patently unlawful, unfair, unreasonable, and unjust increase in ATM transaction fees also inherently contributes to violations of the human rights of socially and economically disadvantaged Nigerians,” SERAP stated in its suit.
Furthermore, SERAP argued that the CBN’s decision contradicts its stated mission to promote economic management and sustainable development.
