The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN) over what it describes as an unfair and unjustified hike in Automated Teller Machine (ATM) withdrawal fees.
The advocacy group argues that the new charges violate consumer rights and place an unnecessary financial burden on Nigerians.
Under the revised policy, withdrawing cash from an ATM outside a bank’s branch premises now attracts a charge of ₦100 per ₦20,000 withdrawn.
If the withdrawal is made from an ATM located at shopping centres, airports, or other standalone cash points, customers will be charged ₦100 plus an additional surcharge of up to ₦500 per ₦20,000 transaction.
SERAP filed the lawsuit (FHC/L/CS/344/2025) at the Federal High Court in Lagos last Friday, asking the court to rule on whether the CBN’s decision to increase ATM charges is not arbitrary and in violation of the Federal Competition and Consumer Protection Act 2018.
The organisation is requesting the court to declare the new fees unlawful and to issue an interim order preventing the CBN from enforcing the charges until the case is fully heard.
“The increase cannot be justified under the Nigerian Constitution 1999 (as amended), the CBN Act, Federal Competition and Consumer Protection Act, and the country’s international human rights obligations,” SERAP argued in its suit.
It further stated that the fee hike disproportionately affects low-income Nigerians who may struggle to afford the higher charges, making banking services less accessible.
SERAP also contends that the CBN’s decision contradicts its own mission to promote economic development and protect the rights of citizens.
