The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN) over its recent decision to increase Automated Teller Machine (ATM) transaction fees. SERAP argues that the fee hike is “unlawful, unfair, unreasonable, and unjust” and is seeking a court order to halt its implementation.
The lawsuit, filed at the Federal High Court in Lagos, challenges the legality of the CBN’s decision under the Federal Competition and Consumer Protection Act 2018. SERAP is asking the court to determine whether the increase violates consumer protection laws and is pushing for a declaration that the fee hike contravenes sections of the Act that safeguard consumer rights and prohibit unfair business practices.
The case has sparked widespread debate, with many Nigerians expressing concerns over the financial burden imposed by rising banking charges. The court is expected to set a hearing date soon, as stakeholders await further developments on the matter.
( Abs radio television)
