TUC Rejects CBN’s New ATM Transaction Fee, Threatens Industrial Action

The President of the Trade Union Congress (TUC), Festus Osifo, has warned that Nigerian workers may embark on a nationwide industrial action in protest against the Central Bank of Nigeria’s (CBN) new transaction fees on Automated Teller Machine (ATM) withdrawals.

The CBN policy, set to take effect on March 1, 2025, will impose withdrawal charges ranging from N100 to N600 for every N20,000 withdrawn from an interbank ATM.

This move eliminates the three free monthly withdrawals that customers previously enjoyed.

While the apex bank clarified that withdrawals made at a customer’s own financial institution will not attract charges, Osifo on wednesday dismissed the policy as yet “another assault on the already struggling Nigerian people.”

“Our attention has been drawn to a circular from the Central Bank of Nigeria (CBN) announcing an increase in ATM transaction fees, effective March 1, 2025, and we say unequivocally, enough is enough,” he stated.

According to him, Nigerians have been subjected to relentless economic hardship under the current administration, with rising taxes, electricity tariffs, and telecommunication costs.

He criticized the government’s failure to cushion the impact of its policies and questioned why the CBN was prioritizing revenue generation over citizens’ welfare.

“We demand to know why the CBN is more focused on revenue collection than on the well-being of Nigerians.

“What has been done with the billions generated from multiple taxes and levies? Fiscal policies must be people-centered, not a constant drain on the pockets of hardworking citizens,” he added.

Osifo accused the CBN of using financial policies as a weapon against the masses while ignoring the harsh economic realities on the ground.

He pointed out that despite increased government revenue following the removal of fuel subsidies, citizens have not experienced any relief.

“Instead of showing empathy, the government continues to tighten the noose around the necks of its citizens. Any country that disregards the plight of its lower-income population is doomed to economic and social instability,” he warned.

The TUC president urged Nigerians to reject the new withdrawal fees and demand an immediate reversal of the policy.

“Should the CBN proceed with this ill-advised decision, they will bear full responsibility for the consequences of their actions.

“This is not just about ATM fees—it is about the continued financial suffocation of Nigerians, and we say enough is enough,” Osifo declared.

TUC Rejects CBN’s New ATM Transaction Fee, Threatens Industrial Action is first published on The Whistler Newspaper