House Of Reps Set To Look Into N65 ATM Charges By Banks


The House of Representatives on Thursday decided to investigate the N65 being charged customers by commercial banks for using the Automated Teller Machine, ATM, to make withdrawals.

The resolution was reached following a motion under Matters of Urgent Public Importance moved by Hon. Tajudeen Yusuf (PDP-Kogi), which was unanimously adopted by members through a voice vote.

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Moving the motion, Yusuf expressed concern that banks across the country had been extorting N65 from customers from every bank transaction while the CBN has failed to act.

He noted that banks in the UK were recently asked to pay customers monies collected from them in the name of bank charges.

Also contributing on the matter, Hon. Aminu Suleiman (APC-Kano), who also spoke on the issue accused the CBN of not doing its job as a regulatory agency.


Thus, the house referred the matter to its Banking and Currency committee, directing it to report back in four weeks for further legislative action.

The News Agency of Nigeria (NAN) reports that Nigerian commercial banks charge N65 extra on other banks ATM different from the holders’ bank after each third transaction.

Meanwhile, some lawmakers have suggested the Governor of the CBN, Godwin Emefiele, be sacked over his management of the country’s foreign exchange.

Addressing the House, a lawmaker said that the continuous weakening of the Naira against the dollar and other foreign currencies has affected the cost of goods and services production and has consequently made life more difficult for most Nigerians

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After much deliberations on the issue, the House, however, resolved to have an ad-hoc committee investigate the Central Bank of Nigeria’s forex policies and recommend measures that would stabilise the Nigerian forex market.