- Lawmakers demanded the suspension of new Automated Teller Machine (ATM) charges imposed by the Central Bank of Nigeria
- Marcus Onobun argued that new charges undermine financial inclusion and hurt low-income earners
- The House called for urgent discussions with the Central Bank of Nigeria (CBN) to reassess the policy amid economic difficulties
Nigerians have reacted following the House of Representatives' demand for the Central Bank of Nigeria (CBN) to suspend the implementation of the recent increase in Automated Teller Machine (ATM) withdrawal charges, citing the current economic challenges in the country.
The decision followed the adoption of a motion of urgent public importance, presented by Marcus Onobun, the lawmaker representing Esan Central/Esan West/Igueben Federal Constituency, Edo State, during Tuesday’s plenary session.
Onobun raises concerns over CBN's new atm fee policy
Onobun expressed concerns over the CBN’s new policy, which imposes additional fees for ATM transactions made at machines of banks other than the customer's own.
According to the new guidelines, withdrawals from a customer’s own bank’s ATM remain free, but a N100 fee will apply for N20,000 withdrawals at ATMs located within the same bank premises if used by customers of other banks.
Customers using ATMs outside bank premises, such as in malls or markets, will incur a N100 fee along with an additional N500 surcharge.
Onobun emphasised that Nigerians are already grappling with high inflation, escalating fuel prices, increased electricity tariffs, and numerous banking charges, all of which are straining their financial stability.
Lawmakers support motion urging CBN to reconsider new charges
He expressed concern that these new charges would further discourage low-income earners from accessing banking services, undermining efforts to promote financial inclusion.
"The banking sector is generating significant profits, and imposing more charges on consumers without improvements in services or infrastructure is unjustifiable," Onobun stated.
Speaker Tajudeen Abbas, who presided over the plenary, put the motion to a voice vote, which was overwhelmingly supported by lawmakers.
Following the vote, the House called on the CBN to reconsider the policy and engage with relevant committees on Banking, Finance, and Financial Institutions for further dialogue.
Reactions troll Reps demand for CBN to suspend ATM charges
“To suspend proposed new ATM charges? They have implemented it already,” Elu Est stated.
“Charges that has already been implemented,” Emmanuel Ewa stated.
“Seems this is a more reasonable law chamber. Not the Akpabio house of commotion,” Ayoola Ayeni added.
“Campaign after election,” Daniel Samuel Friday reacted.
“Everyday new charges and still the country is not moving forward, Shameless leaders and followers,” Adam D reacted.
“Pos has taken over...I can't even remember the last time I saw an ATM dispensing money,” King Hova reacted.
House of Reps to conduct public hearing on new Colleges of Education bills
Meanwhile, TheRadar earlier reported that the House of Representatives called for a one-day public hearing to review 10 legislative bills aimed at amending the Federal Colleges of Education Act and establishing new federal colleges of education across Nigeria.
According to the report, key stakeholders from the government, educational organisations, and the public were invited to participate.