Following a motion of urgent public importance, the House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria.
The motion moved by a member, Marcus Onobun, drew the attention of the House to a circular by the Central Bank of Nigeria to that effect.
Lawmakers were worried that this would impose additional financial burdens on Nigerians.
The House asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.
On February 10, 2025, the apex bank announced that charges would apply anytime customers use the ATMs of banks other than theirs.
“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the bank said in a circular to financial institutions.
The CBN directed banks and other financial institutions to apply the following charges with effect from March 1, 2025.
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