• About Us
    • Àtẹ́lẹwọ́ Podcast
  • Contact
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Sitemap
Freelanews
Advertisement
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events
No Result
View All Result
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events
No Result
View All Result
Freelanews
No Result
View All Result
Home Business & Finance Business

House of Representatives urges Central Bank to suspend ATM transaction charge increase

Quadri Olaitan by Quadri Olaitan
March 12, 2025
in Business
0
House of Representatives CBN ATM charge increase
Total
0
Shares
Share 0
Tweet 0
Share 0
Share 0
Share 0

The House of Representatives calls for the suspension of the new ATM transaction charge increase, citing the economic burden on Nigerians

 

[dropcap]T[/dropcap]he House of Representatives has called on the Central Bank of Nigeria (CBN) to immediately suspend the implementation of the increased Automated Teller Machine (ATM) transaction charges, in light of the current economic challenges facing the country.

Also read: CBN Governor pledges stronger economic ties between Nigeria, Saudi Arabia

The decision was reached following the adoption of a motion of urgent public importance, sponsored by Mr. Marcus Onobun, the representative for Esan Central/Esan West/Igueben Federal Constituency in Edo State, during Tuesday’s plenary session.

Onobun, who addressed his colleagues in the House, expressed concerns over the recent CBN circular that introduced a hike in ATM withdrawal charges and the discontinuation of free ATM withdrawals for customers using ATMs from other banks.

According to the new policy, customers withdrawing funds from their bank’s ATM would continue to enjoy free withdrawals.

However, customers using ATMs from other banks will incur a charge of N100 for every N20,000 withdrawn within the bank premises.

Additionally, customers transacting at ATMs outside the bank premises, such as those in malls or markets, will face a charge of N100 plus a N500 surcharge.

Onobun pointed out that this new policy imposes additional financial burdens on Nigerians already grappling with multiple economic challenges, including high inflation, increased fuel prices, rising electricity tariffs, and numerous banking and service charges.

He warned that this would further reduce disposable income and negatively affect the welfare of Nigerians.

The lawmaker also noted that the policy could undermine financial inclusion efforts in the country, as it may discourage low-income earners from accessing banking services.

Onobun highlighted that while the banking sector has been recording significant profits, imposing further charges on consumers without corresponding improvements in service delivery or infrastructure is unjustifiable.

Speaker Tajudeen Abbas, who presided over the plenary session, called for a voice vote, and the motion was overwhelmingly supported by lawmakers.

Following the vote, the House of Representatives urged the CBN to immediately suspend the implementation of the policy.

They also called for proper engagement with the relevant committees on Banking, Finance, and Financial Institutions to address the concerns raised by lawmakers.

This development has sparked discussions about the broader implications of the new ATM charges on Nigerians, especially in light of the country’s challenging economic climate.

Also read: CBN orders bank directors with bad insider loans to resign immediately

The suspension of the policy is expected to provide time for further scrutiny and engagement between the CBN and key stakeholders in the banking sector.

Total
0
Shares
Share 0
Tweet 0
Share 0
Share 0
Share 0
Quadri Olaitan
Quadri Olaitan

Discover more from Freelanews

Subscribe to get the latest posts sent to your email.

Related Posts

thumbnail
Stock

‘We can do a lot together’ UBA CEO reveals bank well-positioned to meet Africa’s banking needs

by Freelanews
September 15, 2022
IMG 3074 scaled
Business

GTCO concludes first phase of equity capital raise with ₦209.41bln

by Rtn. Victor Ojelabi
January 7, 2025
Pop Culture Varsity
Business

Pop Culture Varsity launches new Mini MBA in strategy

by Peculiar Adirika
September 16, 2025
604deffe fidelity bank
Business

‘Integrity questioned’ Two Fidelity Bank executives in insider dealings scandal

by Freelanews
September 28, 2020
WhatsApp Image 2020 02 28 at 8.59.54 AM
Business

Ebony Power 100 List: Tony Elumelu Named Among World Influential Blacks In 2020

by Freelanews
February 28, 2020

Discussion about this post

ADVERTISEMENT

Recent News

Makinde

Makinde receives strong push for 2027 presidential bid

October 8, 2025
Rotary Club cataract surgery

Rotary Club cataract surgery transforms 30,000 lives

October 8, 2025
Ikechukwu N arrest

Ikechukwu N arrest shocks Argentina after INTERPOL raid

October 8, 2025
CBN monetary stability

CBN assures Nigerians of monetary stability progress

October 8, 2025

Search

  • Trending
  • Comments
  • Latest
Political persecution in Ogun State

Political persecution in Ogun State: Abiodun moves against Otunba Gbenga Daniel with demolition threats again

August 9, 2025
Abdul-Muiz Olanrewaju Animashaun

Abdul-Muiz Olanrewaju Animashaun remembered with love

September 14, 2025
Taylor Swift deepfake scandal

Taylor Swift faces deepfake scandal as Swifties call for stricter regulation

January 25, 2024
April Wind Couture

April Wind Couture thrives in Nigeria’s tough economy with bold Ankara vision

September 12, 2025
amoke

‘Meals by Amoke’ We serve traditional dishes in a modern way, Bukoye Fasola reveals

0
Image 2024 03 26 at 120645 AM jpeg

Charles Inojie, Ali Nuhu call on communities to #MakeWeHalla against domestic violence

0
Meran Primary Health Centre

Lagos father shares heartbreaking experience at Meran Primary Health Centre (Photos)

0
fls2

‘Disarticulated system’ Gov’t confused about Nigerian education, expert laments

0
Makinde

Makinde receives strong push for 2027 presidential bid

October 8, 2025
Rotary Club cataract surgery

Rotary Club cataract surgery transforms 30,000 lives

October 8, 2025
Ikechukwu N arrest

Ikechukwu N arrest shocks Argentina after INTERPOL raid

October 8, 2025
CBN monetary stability

CBN assures Nigerians of monetary stability progress

October 8, 2025
October 2025
MTWTFSS
 12345
6789101112
13141516171819
20212223242526
2728293031 
« Sep    
Freelanews

Freelanews is a Nigerian digital news platform that delivers timely, credible, and engaging stories across politics, business, entertainment, lifestyle, and the creative industry, with a strong focus on promoting innovation, integrity, and inclusivity in storytelling.

Follow Us

  • Facebook
  • TikTok
  • YouTube
  • Instagram

Editor’s Pick

  • OGD vs DA
    OGD vs DA: The real story never told
    • August 22, 2025
  • Toyota Sienna harassment
    Why is Lagos State govt harassing Toyota Sienna users?
    • August 19, 2025
  • Otunba Gbenga Daniel
    Who really is Otunba Gbenga Daniel?
    • August 18, 2025

Hot!

Makinde

Makinde receives strong push for 2027 presidential bid

October 8, 2025
Rotary Club cataract surgery

Rotary Club cataract surgery transforms 30,000 lives

October 8, 2025
No Result
View All Result
  • About Us
  • Contact
  • Advertisement
  • Sitemap

© 2025 Freelanews | by Iretura.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Total
0
Share
0
0
0
0
0
0
No Result
View All Result
  • Home
  • News
    • Crime
  • Business
  • Brands
  • Banking
  • Opinion
  • Interview
  • Entertainment
  • Podcast
    • Àtẹ́lẹwọ́
  • Sports
  • Events

© 2025 Freelanews | by Iretura.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Discover more from Freelanews

Subscribe now to keep reading and get access to the full archive.

Continue reading