The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the planned increase in Automated Teller Machine (ATM) transac­tion charges, citing the prevail­ing economic challenges in the country.

This resolution followed the adoption of a motion of urgent public importance moved by Hon. Marcus Onobun, who represents Esan Central/Esan West/Igueben Federal Constit­uency of Edo State, during Tues­day’s plenary.

While addressing his col­leagues on the floor, Onobun high­lighted the recent policy change by the CBN, which introduced an increase in ATM withdrawal fees and the removal of free ATM withdrawals for customers using ATMs of other banks. This new policy, Onobun argued, adds to the financial burden on Nigerians.

Recall that under the new guidelines, customers withdraw­ing from their own bank’s ATMs will still enjoy free withdrawals. However, a fee of N100 per N20,000 withdrawn will now be charged customers using ATMs belonging to other banks.

Similarly, customers from oth­er banks transacting from ATM outside the premises of the bank such as malls, market places, and other public places will be charged N100 and an additional surcharge of N500.

The Peoples Democratic Par­ty’s (PDP) lawmaker argued that Nigerians “are already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hike, and numerous banking and ser­vice charges that significantly reduce disposable income and negatively impact their welfare.

“We are concerned that the introduction of additional ATM withdrawal fees could hinder fi­nancial inclusion in Nigeria, par­ticularly for low-income earners who may be discouraged from util­ising banking services. This move appears to be in direct contrast to the Central Bank of Nigeria’s on­going efforts to promote financial inclusion.

“Furthermore, despite the banking sector’s continued prof­itability, imposing additional charges on consumers without corresponding improvements in service quality or infrastructure is unjustifiable.”

The Speaker of the House of Representatives, Tajudeen Abbas, who presided over the plenary ses­sion, put the motion to a voice vote, which was met with overwhelm­ing support from the lawmakers.

Following the vote, the House called on the Central Bank of Nige­ria (CBN) to immediately suspend the implementation of the policy, pending thorough consultations with the relevant committees on Banking, Finance, and Financial Institutions.