This suspension should remain in place until the Federal High Court in Lagos hears and determines the lawsuit challenging the legality of the fee hike.
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), to halt the implementation of the increased Automated Teller Machine (ATM) transaction fees.
This suspension should remain in place until the Federal High Court in Lagos hears and determines the lawsuit challenging the legality of the fee hike.
SERAP also urged him to "seek legal advice from the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN on whether the CBN has the legal responsibilities to uphold the rule of law its operations by suspending the ATM fee hike, pending the determination of lawsuit on the matter".
In February, SERAP filed a lawsuit against the CBN "over the failure to reverse the patently unlawful, unfair, and unjust increase in ATM transaction fees".
The lawsuit followed the announcement by the CBN 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made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.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.
In an open letter dated March 1, 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: "Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.
"It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law."
"Implementing the ATM fee hike while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law," SERAP said.
According to SERAP, the “CBN is bound to suspend the increase in ATM transaction fees, and await the outcome of the lawsuit".
The letter read in part: "SERAP had on 21 February 2025 filed the lawsuit with number FHC/L/CS/344/2025 against the CBN over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in ATM transaction fees.
"The court processes were duly served on 26 February 2025 on the CBN in Abuja. The CBN has acknowledged receipt of the processes.
"In the lawsuit filed 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.'
"It is in the public interest to keep the streams of justice clear and pure, and to maintain the authority and integrity of the court in the case.
"SERAP notes that since assumption of office in May 2023 you have repeatedly promised, including in your inaugural speech, that 'Nigeria will be impartially governed according to the Constitution and the rule of law.'"