Lagos – The Socio-Economic Rights and Accountability Project (SERAP) wants President Bola Tinubu to suspend the recent ATM fee hike.
SERAP urges President Tinubu to order the Central Bank of Nigeria (CBN) to immediately suspend the ATM fee hike. They want the suspension to last until the court gives a verdict on the matter. SERAP says this aligns with the Nigerian Constitution, his oath of office, and promises to uphold the rule of law.
Public Criticism
The recent increase in ATM withdrawal charges faces widespread criticism. Many Nigerians are frustrated by the added financial burden. SERAP has filed a lawsuit challenging the fee hike, arguing it violates the economic rights of Nigerians.
SERAP emphasizes President Tinubu’s duty to protect citizens’ interests and prevent unfair financial policy.
Financial analysts criticize the CBN’s decision to increase ATM fees. They say it contradicts efforts to promote cashless transactions and improve banking accessibility. They warn that higher transaction costs could push Nigerians to informal financial systems, hurting the country’s monetary policies. SERAP’s lawsuit seeks to stop the CBN from implementing the recent increase in ATM transaction fees.
[…] was palpable among those caught in the snarl. One trailer driver, visibly distressed by the sharp hike in toll fees, shared his plight: “I paid N3,000 just this early morning. How much are we making that they want […]