The House of Representatives has called for the immediate suspension of the recent hike in Automated Teller Machine (ATM) charges imposed by the Central Bank of Nigeria (CBN). The decision, which has sparked widespread public outcry, was described by lawmakers as "ill-timed" and "burdensome" for Nigerians already grappling with economic challenges.
During a plenary session on Tuesday, the House unanimously adopted a motion urging the CBN to halt the implementation of the new charges pending further consultations with stakeholders. The motion, sponsored by Hon. James Faleke, emphasized the need to protect Nigerians from additional financial strain.
"The increase in ATM charges is coming at a time when Nigerians are facing unprecedented economic hardships. This move will only exacerbate the situation and make banking services less accessible to the average citizen," Faleke stated.
The CBN had recently announced an upward review of ATM withdrawal fees, citing operational costs and the need to improve banking infrastructure. However, the decision has been met with criticism from various quarters, including civil society groups, financial experts, and the general public.
In his contribution to the debate, Hon. Ndudi Elumelu, the Minority Leader of the House, described the hike as "anti-people" and called for a more inclusive approach to policy-making. "The CBN must consider the plight of ordinary Nigerians before implementing such policies. We cannot continue to impose additional burdens on citizens without providing viable alternatives," he said.
The House has mandated its Committee on Banking and Currency to engage with the CBN and other stakeholders to address the concerns raised. The committee is expected to report back within two weeks with recommendations for a more sustainable and citizen-friendly policy.
Meanwhile, the CBN is yet to respond to the lawmakers' demand. Analysts suggest that the suspension of the hike could provide an opportunity for broader consultations and a review of the policy to ensure it aligns with the needs of Nigerians.
As the debate continues, many citizens have expressed hope that the House's intervention will lead to a reversal of the decision, which they say disproportionately affects low-income earners and small business owners.
