SOCIO-ECONOMIC Rights and Accountability Project (SERAP) has sued the Central Bank of Nigeria (CBN) at the Federal High Court sitting in Lagos over its failure to reverse the alleged unlawful, unfair, unreasonable and unjust increase in Automated Teller Machine (ATM) transaction fees.

Recall that CBN announced that ATM withdrawals made at a machine owned by a bank, but outside its branch premises, would attract a charge of N100 per N20,000 withdrawn. ATM withdrawals at shopping centres, airports or standalone cash points, would incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.

In the suit number FHC/L/CS/344/2025 filed at the weekend at the Federal High Court, Lagos, SERAP is asking the court to determine whether the decision by the CBN to increase ATM transaction fees is not arbitrary, unfair, unreasonable and contrary to the provisions of the Federal Competition and Consumer Protection Act 2018.

SERAP is asking the court for a declaration that the decision by the CBN to increase ATM transaction fees is arbitrary, unfair, unreasonable and contrary to the provisions of Sections 1(c) and (d), 104, 105 and 127(1) of the Federal Competition and Consumer Protection Act 2018, which is binding on the CBN.

The organisation is seeking an order of interim injunction restraining the CBN, its officers, agents, associates or any other persons acting on its directive or instructions from enforcing and giving effect to the decision, pending the hearing and determination of the motion on notice for an order of interlocutory injunction filed in this suit.

In the suit, SERAP is arguing that the increase cannot be justified under the Nigerian Constitution 1999 (as amended), the CBN Act, Federal Competition and Consumer Protection Act, and the country’s international human rights obligations.

SERAP is also arguing that the increase creates a two-tiered financial system that discriminates against poor Nigerians, who may not be able to afford or pay the increased ATM fees.

According to SERAP, the increase in ATM transaction fees also contributes to violations of the human rights of Nigerians. In the suit, filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, and Andrew Nwankwo, the organisation said the CBN was compromising its stated mission to advance the management of the country’s economy and, ultimately, sustainable development.

SERAP emphasised that CBN policies should not be skewed against poor Nigerians and heavily in favour of banks that continued to declare trillions of naira in profits, mostly at the expense of their customers.

The organisation lamented that the increase in ATM transaction fees would inflict misery on poor Nigerians and contribute to human rights abuses. Citing Section 1(c)(d) of the Federal Competition and Consumer Protection Act, 2018, SERAP noted that the objectives of the Act were to ‘protect and promote the interests and welfare of consumers’ and ‘prohibit restrictive or unfair business practices’ such as the exorbitant and unreasonable increase in ATM transaction fees by the CBN.