Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Governor of Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, to suspend the planned increase in Automated Teller Machine (ATM) transaction fees, pending the hearing and determination of the lawsuit before the Federal High Court, Lagos challenging the legality of the increase.

SERAP had, last month, filed a lawsuit against the CBN over the failure to reverse the alleged unlawful, unfair, and unjust increase in ATM transaction fees.

The lawsuit followed the announcement by the CBN that ATM withdrawals made at a machine owned by a bank, but outside its branch premises would now attract a charge of N100 per N20,000 withdrawn.

ATM withdrawals at shopping centres, airports or standalone cash points, would attract a N100 fee plus a surcharge of up to N500, of which banks were advised to apply the increased ATM fees with effect from March 1, 2025.

In the open letter at the weekend, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.

SERAP said it would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 (as amended), his oath of office and oft-repeated promises to uphold the rule of law.

According to the organisation, implementing the increased ATM fees while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law.

SERAP added that it was in the public interest for the CBN to suspend the increased ATM fees and await the outcome of the lawsuit on the matter.

“The CBN has the responsibilities to uphold the due process of law, protect the integrity of the judicial process, and ensure that its practices and operations do not make nonsense of the rule of law or the Court.

“The CBN has the duty to maintain the status quo as of February 26, 2025, when the court processes were duly served on it, and during the pendency of the lawsuit filed by SERAP on the increased ATM fees before the Federal High Court, Lagos.

“Once the CBN has been duly served with the court processes on the increased ATM fees, the bank cannot resort to self-help. The CBN is not permitted to do or take any action or omission that would overreach the public interest or foist a situation of complete helplessness or ‘fait accompli’ on the Federal High Court,” SERAP stated.