The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to suspend the proposed increase in Automated Teller Machine (ATM) transaction fees.

In an open letter signed by its Deputy Director, Kolawole Oluwadare, SERAP urged the CBN to halt the implementation of the fee hike pending the hearing and determination of a lawsuit filed at the Federal High Court in Lagos challenging its legality.

Last month, SERAP took legal action against the CBN after the bank announced that ATM withdrawals from machines outside bank branches would now attract a charge of N100 per N20,000 withdrawn. Additionally, withdrawals from standalone ATMs at shopping centers, airports, and other non-bank locations would incur an extra N100 fee plus a surcharge of up to N500, effective March 1, 2025.

The rights group insists that allowing the CBN to proceed with the fee increase while the case is still in court would undermine the rule of law and due process.

“The CBN has a duty to maintain the status quo as of February 26, 2025, when the court processes were duly served on it,” SERAP stated, warning that enforcing the fee hike before a court ruling would amount to “self-help” and could render judicial intervention meaningless.

SERAP urged President Tinubu to ensure the CBN upholds due process and respects judicial integrity by suspending the fee hike until the lawsuit is resolved.