Socio-Economic Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) ‘over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in Automated Teller Machine transaction fees’. The CBN recently announced that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 …

From 1 March 2025, customers will soon pay higher charges for withdrawals at the Automated Teller Machine (ATM) of commercial banks as the Central Bank of Nigeria (CBN) has reviewed transaction fees, citing rising operational costs and the need to enhance banking services. While customers withdrawing from their bank’s ATMs (on-us transactions) will continue to enjoy free withdrawals, charges for …