- SERAP’s Plea: Urging President Tinubu to suspend the ATM fee hike.
- Legal Challenge: A lawsuit filed against the Central Bank of Nigeria (CBN) over the fee increase.
- Impact on You: What the potential suspension means for your ATM transactions.
SERAP to Tinubu: Hold Up on ATM Fee Hike!
The Socio-Economic Rights and Accountability Project (SERAP) isn’t backing down! They’re calling on President Bola Tinubu to tell CBN Governor Olayemi Cardoso to put the brakes on the ATM fee hike. Why? Because they’ve got a case in court challenging whether the increase is even legal.
Why This Matters to You
Let’s be real, nobody likes extra fees. The CBN’s announcement that ATM withdrawals outside your bank’s branches would cost you N100 per N20,000 withdrawn didn’t exactly thrill anyone. And if you’re using those ATMs at shopping centers or airports? Get ready for an extra surcharge of up to N500!
SERAP’s Legal Play: Rule of Law Must Prevail!
SERAP isn’t just sending strongly worded letters. They’ve filed a lawsuit against the CBN, arguing that the fee increase is “unlawful, unfair, and unjust.” They’re urging Tinubu to seek legal advice to determine if the CBN even has the right to implement the hike while the case is ongoing.
Key Arguments from SERAP
- Respect the Courts: Implementing the fee hike during the lawsuit would undermine the judicial process.
- Public Interest: Suspending the fees is in the best interest of Nigerians.
- Maintain the Status Quo: The CBN should wait for the court’s decision before making any changes.
What’s Next?
SERAP is pushing for urgent action to ensure the integrity of the judicial process. They argue that allowing the court to decide the case is the only way to ensure fair access to justice.
A Quick Look at the CBN’s Position (or Lack Thereof)
As of now, the CBN hasn’t officially responded to SERAP’s demands. But the pressure is on! The organization emphasizes that the CBN has a duty to act in good faith and avoid any actions that could undermine the court’s authority. This is even more relevant, considering that back in February of 2025, a similar request was made to the FCCPC about the subscription price hike pending investigation.
The Legal Foundation
SERAP is basing its arguments on key sections of Nigerian law, including the Constitution and the Central Bank of Nigeria Act. They emphasize the independence of the judiciary and the right of citizens to have their cases heard fairly.
In Conclusion: Will Your ATM Fees Be Suspended?
The ball is now in President Tinubu’s court. Will he intervene and direct the CBN to suspend the ATM fee hike? Only time will tell. But one thing is clear: SERAP is determined to fight for the rights of Nigerian consumers and ensure that the rule of law is upheld.
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