The Nigerian House of Representatives has called on the Central Bank of Nigeria (CBN) to immediately suspend its recently proposed new ATM charges, citing concerns over the financial impact on Nigerians and the overall economic implications.
In a session held earlier today, members of the House expressed significant reservations about the planned increase in fees for ATM withdrawals, particularly the proposed charges for withdrawals made outside the customer’s bank network. Several lawmakers voiced concerns that this move would disproportionately affect ordinary Nigerians, especially those in rural areas, where access to bank branches and ATMs is often limited.
Rep. John Doe, Chairman of the House Committee on Banking, emphasized that the new ATM charges could further burden citizens who are already struggling with the economic challenges posed by inflation and rising costs of living. “This policy will only deepen the financial strain on the average Nigerian. It is essential that the CBN takes into account the socio-economic reality of the country before implementing such charges,” Rep. Doe said.
The House also raised questions regarding the timing of the proposal, noting that the Nigerian economy is still recovering from the effects of the COVID-19 pandemic, and any policy that increases financial burdens could have negative repercussions. Lawmakers have urged the CBN to engage in a more inclusive consultation process with relevant stakeholders, including banks, consumer groups, and the general public, to ensure that any changes to ATM fees are in line with the broader interests of the Nigerian populace.