THE Socio-Economic Rights and Accountability Project (SERAP), a non-profit organisation, has filed a lawsuit against the Central Bank of Nigeria (CBN) over the failure to reverse the increase in Automated Teller Machine (ATM) transaction fees.
Recall that the CBN recently announced that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn. ATM withdrawals at shopping centres, airports or standalone cash points will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.
According to media reports, in the suit number FHC/L/ CS/344/2025 filed last Friday 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.
SERAP 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.
However, no date has been fixed for the hearing of the interim application and the substantive suit.
