THE House of Representatives (Reps) has asked the Central Bank of Nigeria (CBN) to suspend the recent charges imposed on bank customers using the Automated Teller Machine (ATM) to withdraw cash, given the economic situation in the country.

The lawmakers made the call during Tuesday’s, March 11 plenary.

Its decision followed the adoption of a motion of urgent public importance sponsored by a member representing Esan Central /Esan West/Igueben Federal Constituency, Edo State, Marcus Onobun.

While addressing his colleagues, Onobun argued that CBN’s recent increase in ATM charges was imposing additional financial burdens on Nigerians.

The apex bank had, in a circular on February 11, announced the new charges, which took effect from March 1.

According to the new policy, customers withdrawing from their bank’s ATMs (on-us transactions) would continue to enjoy free withdrawals while a N100 fee per N20,000 withdrawal would be applied at on-site ATMs (those located at bank branches).

It also stated that withdrawals at ATMs of other banks (Not-on-Us transactions) and an off-site withdrawal will attract an N100 fee plus a surcharge of up to N450 per N20,000 withdrawal, The ICIR reported.

At Tuesday’s plenary, Onobun stressed that Nigerians were already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hikes, numerous banking and service charges that significantly reduce disposable income and negatively impact their welfare.

“We are worried that the imposition of additional ATM withdrawal charges will further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services, thereby contradicting the CBN’s financial inclusion agenda.

“The banking sector has continued to record significant profits, imposing further charges on consumers without corresponding improvements in service delivery or infrastructure is unjustifiable,” the lawmaker posited.

The speaker, Tajudeen Abbas, who presided over the plenary, put the motion to voice vote, and it was overwhelmingly supported by the lawmakers.

The Representatives, thereafter, urged the CBN to immediately suspend the implementation of the policy, pending proper engagement with the relevant committees on Banking, Finance, and Financial Institutions.