In a decisive move to protect Nigerian consumers from excessive banking fees, the House of Representatives has directed the Central Bank of Nigeria (CBN) to immediately suspend the recent hike in ATM withdrawal charges.
The announcement was made via the official X handle of Nigerian Stories, sparking widespread reactions across the country. Lawmakers, in their resolution, emphasized that the increase in ATM charges places an undue financial burden on citizens already grappling with economic hardships.
The directive comes amid growing concerns over rising inflation, increased cost of living, and the banking sector’s frequent imposition of additional service fees. The House argued that the CBN’s policy on ATM charges must be reviewed to ensure it aligns with public interest and does not further strain the pockets of Nigerians.
Financial analysts and consumer rights advocates have welcomed the lawmakers’ stance, calling it a necessary intervention. Many have urged the CBN to not only suspend the hike but to also reassess the entire framework governing electronic banking fees to promote financial inclusivity.
With public outcry mounting and pressure on financial regulators increasing, all eyes are now on the CBN to respond to the House of Representatives’ directive. Will the apex bank heed the call and provide relief to millions of Nigerians? The coming days will reveal the outcome of this critical decision.
PIONEER NEWS 