The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN) at the Federal High Court in Lagos over what it describes as an unjustifiable increase in Automated Teller Machine (ATM) transaction fees.
In suit number FHC/L/CS/344/2025 filed over the weekend, SERAP challenges the recent CBN directive imposing additional charges on ATM withdrawals.
The policy stipulates that withdrawals made at non-branch machines will incur a N100 fee per N20,000 withdrawn, while transactions at certain locations like shopping centers and airports could attract up to N600 in fees for the same amount.
SERAP argues that these increases violate the Federal Competition and Consumer Protection Act 2018, alleging that they are arbitrary, unfair, and discriminatory against economically disadvantaged Nigerians.
The organization seeks a court declaration that the CBN’s decision is contrary to statutory provisions aimed at safeguarding consumer rights and preventing anti-competitive practices.
The lawsuit, filed by SERAP’s legal representatives Kolawole Oluwadare and Andrew Nwankwo, also requests an interim injunction to halt the enforcement of the new fees pending the court’s final ruling.
According to SERAP, the CBN’s action not only undermines constitutional provisions and international human rights standards but also exacerbates financial hardship for vulnerable segments of the population.
Highlighting the potential human rights implications, SERAP contends that the CBN’s fee hike perpetuates a financial system that favors banks over ordinary Nigerians, many of whom struggle to meet basic financial obligations.
The organization asserts that such policies contradict the CBN’s mandate to promote economic stability and inclusive growth.
SERAP’s legal challenge underscores broader concerns about economic equity and consumer protection in Nigeria, as it calls on the judiciary to intervene and uphold the rights of all citizens to fair and transparent financial services.
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