In a bold move against what it describes as an “unlawful, unfair, unreasonable, and unjust” policy, the Socio-Economic Rights and Accountability Project (SERAP) has issued a 48-hour ultimatum to the Central Bank of Nigeria (CBN) to reverse its recent hike in Automated Teller Machine (ATM) transaction fees—or face legal action.
SERAP made the announcement via its official X handle, expressing strong opposition to the increased charges, which it argues will disproportionately burden low-income Nigerians. “The charges will hit hardest those at the bottom of the economy,” the statement read, underscoring concerns about financial accessibility and economic justice.
The advocacy group, known for its legal battles against government policies deemed oppressive or unconstitutional, has vowed to take the CBN to court if the directive is not reversed. The organization argues that the new ATM fee structure exacerbates economic hardship at a time when many Nigerians are already struggling with inflation, unemployment, and a high cost of living.
The CBN has yet to respond to SERAP’s demand, but the looming legal action adds to mounting public frustration over financial policies perceived as exploitative. With widespread discontent growing, all eyes are now on the apex bank’s next move. Will the CBN backtrack on the controversial charges, or will it brace itself for a legal showdown with one of Nigeria’s most formidable rights organizations?
Stay tuned as the drama unfolds.
PIONEER NEWS 