The House of Representatives is calling on the Central Bank of Nigeria (CBN) to immediately suspend the increased ATM charges. This decision comes after the CBN announced plans to charge customers N100 for every N20,000 withdrawal from other banks' ATMs, with an additional N500 surcharge for off-site ATMs .
Lawmakers argue that this policy will impose additional financial burdens on Nigerians, who are already struggling with high inflation, increased fuel prices, and other economic challenges . They also point out that the banking sector has continued to record significant profits, making it unjustifiable to impose further charges on consumers without corresponding improvements in service delivery or infrastructure.
The House of Representatives is calling for the CBN to engage in proper consultations with relevant stakeholders, including the House Committees on Banking, Finance, and Financial Institutions, before implementing the new charges.
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