The House of Representatives has called on the Central Bank of Nigeria (CBN) to immediately suspend the implementation of the policy to increase Automated Teller Machines (ATM) charges pending proper engagement with its relevant committees on Banking, Finance, and Financial Institutions.
This followed the adoption of a motion on matters of urgent public importance moved by Marcus Onobun at the plenary on Tuesday.
The motion is coming after the deposit money banks (DMBs) have commenced the implementation of the charges.
DMBs had last weekend notified their customers about the new charges which took effect from March 1.
Presenting the motion, Onobun reminded the house that CBN had in its new circular reviewed the ATM transaction fees stipulated under Section 10.7 of the “CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions.”
The lawmaker said the apex bank prescribed an increase in ATM withdrawal charges and the discontinuation of the free ATM withdrawals for customers using other banks’ ATMs, imposing additional financial burdens on Nigerians.
