The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its recent policy imposing new charges on Automated Teller Machine (ATM) withdrawals. Lawmakers warned that the policy, which eliminates free ATM withdrawals for customers using other banks, would place an additional financial burden on Nigerians.

The resolution followed a motion of urgent public importance by Representative Marcus Onobun, who highlighted a CBN circular announcing the policy shift. The House urged the apex bank to halt implementation pending further engagement with relevant banking and finance committees.

The CBN, in a directive issued on February 10, 2025, announced that from March 1, 2025, customers withdrawing from other banks’ ATMs would be charged ₦100 per ₦20,000 transaction. Additionally, withdrawals from off-site ATMs—such as those in malls and restaurants—will attract an extra surcharge of up to ₦500 per ₦20,000, along with the statutory fee.

According to the CBN, the revised charges are aimed at addressing rising operational costs and improving ATM service efficiency. However, the policy has sparked public criticism, with many Nigerians arguing that it unfairly increases banking costs.

Despite the backlash, the CBN maintains that the new charges will benefit both customers and financial institutions in the long run. The House has now directed the central bank to suspend the policy and engage with lawmakers before proceeding with implementation.