By The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to suspend the recently announced increase in Automated Teller Machine (ATM) transaction fees until an ongoing court case is resolved.
In an open letter dated March 1, 2025, SERAP warned that implementing the new fees while the case is still pending at the Federal High Court in Lagos would disrespect both the judicial process and the rule of law. The group insists the court’s verdict must come first.
The civil society organization, through its Deputy Director Kolawole Oluwadare, argued that it is unlawful for the CBN to enforce the fee hike without waiting for a legal ruling. SERAP wants Tinubu to intervene directly to prevent what they call “a violation of citizens’ rights.”
SERAP also called on the president to consult the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), to clarify the CBN’s legal duty to honor court processes and uphold public trust in financial regulation.
The new ATM fees, which took effect today, have triggered outrage among customers already battling economic hardship. Many Nigerians took to social media to express frustration, accusing the CBN of imposing unfair financial burdens.
With legal pressure mounting and public anger rising, all eyes are now on President Tinubu to see whether his administration will prioritize consumer protection or side with the banking regulator in the ongoing fee controversy.
