Index to Nigerian Newspapers

The House of Representatives has called for the immediate suspension of the new Central Bank of Nigeria policy that increased automated teller machine transaction charges and eliminated free withdrawals for customers using other banks' machines. The resolution followed a motion moved by Representative Marcus Onobun, who argued that the new fees—which include charges ranging from one hundred naira to an additional five hundred naira depending on the location—would place an unfair burden on citizens already struggling with severe economic hardships like high inflation, rising fuel prices, and increased electricity tariffs. He expressed concern that these charges contradict the bank's own financial inclusion agenda by discouraging low-income earners from accessing banking services, especially since commercial banks continue to record massive profits without improving service delivery or infrastructure. Consequently, the motion was referred to the committees on Banking, Finance, and Financial Institutions for further legislative action.