The House of Representatives has urged the Central Bank of Nigeria to suspend increased ATM withdrawal charges, citing financial hardships nationwide.

Lawmakers expressed concerns that imposing additional ATM fees would discourage financial inclusion, particularly among low-income Nigerians struggling economically.

The motion, sponsored by Hon. Marcus Onobun, highlighted the CBN’s new policy increasing charges for interbank ATM withdrawals nationwide.

Under the revised policy, customers withdrawing from their bank’s ATMs remain exempt from charges, but interbank transactions now attract additional fees.

Withdrawals from other banks’ ATMs within bank premises incur a N100 fee per N20,000 transaction, significantly increasing banking costs.

Offsite ATM withdrawals at malls, markets, and public spaces now attract an extra N500 surcharge, making transactions more expensive.

Onobun argued that banks consistently record substantial profits, yet they impose additional charges without improving services or infrastructure.

The House insisted that government intervention is necessary to protect Nigerians from exploitative financial practices worsening the nation’s economic challenges.

Lawmakers mandated the CBN to suspend implementation until further engagements with financial committees on banking regulations occur.