March 02, (THEWILL) – The Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to direct the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to halt the implementation of increased Automated Teller Machine transaction fees pending the determination of a lawsuit challenging its legality.
The CBN recently introduced new charges, stipulating that ATM withdrawals made outside a bank’s premises would attract a fee of N100 per N20,000 withdrawn.
Withdrawals at shopping centres, airports, and standalone cash points would incur an additional surcharge of up to N500 per transaction.
SERAP, in a suit numbered FHC/L/CS/344/2025, filed on February 21 at the Federal High Court, Lagos, is seeking an interim injunction to restrain the CBN and its agents from enforcing the policy until the substantive case is heard.
In an open letter dated March 1, 2025, and signed by its Deputy Director, Kolawole Oluwadare, SERAP urged Tinubu to seek legal advice from Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, on whether the CBN is legally bound to suspend the policy in line with judicial due process.
“Directing the CBN to suspend the ATM fee hike would ensure that the Federal High Court is allowed to hear and determine the case on its merit,” SERAP stated.
According to the group, implementing the fee hike while the case is still pending would undermine the rule of law and make a mockery of the judiciary.
SERAP insisted that the CBN, having been served court documents on February 26, 2025, must maintain the status quo pending the lawsuit’s resolution.
“The CBN cannot resort to self-help or take any action that would overreach the public interest and render the court’s eventual decision meaningless,” the letter read.
SERAP accused the CBN of disregarding judicial authority by proceeding with the implementation despite being served with court processes. It warned that such actions could set a dangerous precedent, encouraging other government agencies to flout legal proceedings with impunity.
The rights group cautioned that allowing the CBN to proceed unchecked could erode public trust in the judiciary and embolden ministries, departments, and agencies to dismiss pending cases.
“It is in the public interest to maintain the integrity of the judicial process and uphold the rule of law,” SERAP stated, urging Tinubu to act swiftly in directing the CBN to suspend the policy.
SERAP cited Sections 6(1) and 6(2) of the Nigerian Constitution, which vest judicial power in the courts and prohibit interference with ongoing cases. It also referenced the Central Bank of Nigeria Act, emphasizing that the CBN Governor is bound to act in a manner that respects legal due process and consumer protection laws.
The organisation reaffirmed its commitment to ensuring that Nigerians are not subjected to unfair financial policies, vowing to pursue the case until the court renders a final decision.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
