Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Obieze: Immigration Hands Over Fleeing Enugu Ritualist To Lagos Police

    May 30, 2025

    INEC Announces Dates For Ekiti, Osun Governorship Elections

    May 30, 2025

    UI Immortalises Late Professor Onabamiro With Postgraduate School Building

    May 30, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Obieze: Immigration Hands Over Fleeing Enugu Ritualist To Lagos Police
    • INEC Announces Dates For Ekiti, Osun Governorship Elections
    • UI Immortalises Late Professor Onabamiro With Postgraduate School Building
    • Writing WAEC Examination In Darkness, A National Disgrace – Atiku
    • NASS Plans To Deliver A New Constitution By December 2025 – Kalu
    • We’re At A Crucial Point Where Difficult Decisions Will Be Made – Fubara
    • Ex-CBN Governor Emefiele Appeals Seizure Of 753 Housing Units By FG
    • Breaking: Elon Musk Quits Trump’s Administration
    Facebook X (Twitter) Instagram
    TheScrutinyNG
    Subscribe
    Saturday, May 31
    • Home
    • Politics
    • Business
    • News
      • World News
    • Sports
    • Interviews
    • Opinion
    • Entertainment
    • Columnists
    • ABOUT US
    TheScrutinyNG
    Home » House Of Reps Opposes CBN’s Increased ATM Transaction Fees
    2 Mins ReadMarch 11, 2025

    House Of Reps Opposes CBN’s Increased ATM Transaction Fees

    By Samuel AkpenpuunMarch 11, 2025No Comments2 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The House of Representatives has called on the Central Bank of Nigeria to suspend the implementation of the increment in Automated Teller Machine transaction charges given the economic situation in the country.

    The decision of the House was sequel to the adoption of a motion of urgent public importance sponsored by the member representing Esan Central /Esan West/Igueben Federal Constituency, Edo State, Marcus Onobun, during Tuesday’s plenary.

    Addressing his colleagues on the floor, Onobun noted that the apex bank through a recent circular, prescribed an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs, thereby imposing additional financial burdens on Nigerians.

    Recall that with the new policy, customers withdrawing from their bank’s ATMs will continue to enjoy free withdrawals.

    READ ALSO: CBN Scraps Three Free Monthly ATM Withdrawals

    However, a fee of N100 will be applied to N20,000 withdrawals for customers from other banks transacting from ATMs within the bank premises.

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

    The Peoples Democratic Party 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 worried that the imposition of additional ATM withdrawal charges will further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services, thereby contradicting the CBN’s financial inclusion agenda.

    “The banking sector has continued to record significant profits, imposing further charges on consumers without corresponding improvements in service delivery or infrastructure is unjustifiable.”

    The Speaker, Tajudeen Abbas, who presided over the plenary session put the motion to voice vote and it was overwhelmingly supported by the lawmakers.

    The House thereafter urged the CBN to immediately suspend the implementation of the policy, pending proper engagement with the relevant Committees on Banking, Finance, and Financial Institutions.

    Author

    • Samuel Akpenpuun
      Samuel Akpenpuun

      View all posts
    CBN House Of Reps
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Samuel Akpenpuun

    Related Posts

    Breaking News

    Obieze: Immigration Hands Over Fleeing Enugu Ritualist To Lagos Police

    May 30, 2025
    Breaking News

    INEC Announces Dates For Ekiti, Osun Governorship Elections

    May 30, 2025
    Education

    UI Immortalises Late Professor Onabamiro With Postgraduate School Building

    May 30, 2025
    Breaking News

    Writing WAEC Examination In Darkness, A National Disgrace – Atiku

    May 30, 2025
    Featured

    NASS Plans To Deliver A New Constitution By December 2025 – Kalu

    May 30, 2025
    Featured

    We’re At A Crucial Point Where Difficult Decisions Will Be Made – Fubara

    May 29, 2025

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Editor's Picks

    Obieze: Immigration Hands Over Fleeing Enugu Ritualist To Lagos Police

    May 30, 2025

    INEC Announces Dates For Ekiti, Osun Governorship Elections

    May 30, 2025

    UI Immortalises Late Professor Onabamiro With Postgraduate School Building

    May 30, 2025

    Writing WAEC Examination In Darkness, A National Disgrace – Atiku

    May 30, 2025
    Latest Posts
    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 The Scrutiny. Designed by Design Streams.

    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.