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BREAKING: Reps Order CBN To Suspend New ATM Charges, Free Withdrawals Ban
The House of Representatives has directed the CBN to suspend increased ATM charges and the removal of free interbank withdrawals.
The House of Representatives has directed the CBN to suspend increased ATM charges and the removal of free interbank withdrawals.
Lawmakers argue the policy adds financial strain on Nigerians and requires further review.
The House of Representatives has passed a resolution directing the Central Bank of Nigeria (CBN) to suspend the recent increase in Automated Teller Machine (ATM) transaction charges and the removal of free withdrawals for customers using other banks’ ATMs.
VerseNews reports that the resolution followed a motion by lawmaker Marcus Onobun on Tuesday, highlighting concerns over the CBN’s February 10, 2025, circular, which instructed banks to end the three free monthly withdrawals for customers using other banks’ ATMs.
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The directive, set to take effect on March 1, 2025, was criticized for placing an extra financial burden on Nigerians.
The House urged the CBN to halt implementation until further discussions with relevant banking and finance committees are held.
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