The Socio-economic Rights And Accountability Project (Serap) Has Filed A Lawsuit Against The Central Bank Of Nigeria (Cbn) Over The Failure To Reverse The Patently Unlawful, Unfair, Unreasonable And Unjust Increase In Automated Teller Machine (Atm) Transaction Fees.
Recall That The Cbn Recently Announced 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Made At A Machine Owned By A Bank But Outside Its Branch Premises Will Now Attract A Charge Of N100 Per N20,000 Withdrawn.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 Per N20,000 Withdrawal.
In The Suit Filed At The Federal High Court, Lagos, On Behalf Of Serap By Its Lawyers Kolawole Oluwadare And Andrew Nwankwo, Serap Is Asking The Court To Declare The Central Bank Of Nigeria’s (Cbn) Decision To Increase Atm Transaction Fees, As Stated In Its Circular As Arbitrary, Unfair, And A Violation Of Consumer Protection Laws.
The Organization Argues That The Cbn Cannot Unilaterally Raise These Fees Without The Consent Of The Federal Competition And Consumer Protection Commission (Fccpc). Serap Seeks An Order To Nullify The Circular And Prevent Its Implementation, Restraining The Cbn And Financial Institutions From Enforcing The Fee Hike.
Meanwhile, No Date Has Been Fixed For The Hearing Of The Interim Application And The Substantive Suit.