In a significant move to protect consumers from rising banking costs, the House of Representatives has directed the Central Bank of Nigeria (CBN) to immediately suspend the recently announced increase in Automated Teller Machine (ATM) withdrawal charges.
The decision was made following a session in the lower chamber, where lawmakers expressed concerns over the financial burden the hike would place on citizens.
During the plenary session on Tuesday, members of the House raised alarm over the impact of the increased charges, arguing that it would further strain Nigerians already grappling with economic difficulties. They emphasized that many citizens rely heavily on ATMs for daily transactions, and an increase in withdrawal fees would disproportionately affect low-income earners.
Hon. Yusuf Bala, who sponsored the motion, highlighted the adverse effects of the hike, stating, “The increase in ATM charges is unfair and inconsiderate, given the current economic climate. It is the duty of this House to protect the interests of Nigerians, especially in times of financial hardship.”
The House urged the CBN to adopt a more consumer-friendly approach to banking regulations and ensure that any policy changes are made with public interest in mind. Lawmakers also called on the apex bank to provide a detailed explanation for the hike and to engage in consultations with relevant stakeholders before implementing any such policy changes in the future.
The decision by the House has been met with widespread approval from the public, with many Nigerians expressing relief on social media. Financial analysts have also praised the move, stating that it underscores the government’s commitment to protecting consumers from exploitative banking policies.
The resolution has been forwarded to the CBN, and Nigerians now await the bank’s response. The House of Representatives has vowed to continue monitoring the situation to ensure compliance and prevent any undue financial hardship on citizens.
More updates to follow as the story develops.
