The House of Representatives on Thursday resolved to investigate the N65 being charged customers by commercial banks for Automated Transaction Machine (ATM).

The house directed its Committee on Banking and Currency to investigate the charge and other related rates paid by banks’ customers.

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

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

Moving the motion, Yusuf expressed concern that banks across the country had been extorting N65 from customers from every bank transaction while the Central Bank of Nigeria (CBN) failed to act.

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

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

The house referred the matter to the Banking and Currency committee and was directed to report back in four weeks for further legislative action.

  • vic

    I think the most important thing for the House of Representatives would be to investigate as to why the Nigerian commercial banks whose chairman is the Governor of the Central Bank Godwin Emefiele and who is supposed to regulate these banks, are selling forex on ATM machines in foreign countries at the black market rate of N 400 to a dollar and N530-550 to a British Pound while the official rate after devaluation of Naira is N295 to a Dollar and N395 to a British Pound. It is scandalous that these ATM machines show the balance of dollars/pound using the official exchange rate but when dollars/pounds are actually withdrawn from these ATM machines they release cash at the black market rates. This is a big forex fraud being played by the Nigerian commercial banks at their ATM machines in foreign countries under the very nose of Godwin Emifiele who is supposed to regulate the forex activities of these fraudulent banks. Clearly this governor is conniving with the Nigerian commercial Banks to perpetuate forex fraud and thus ruining our national currency Naira and Nigerian economy as a whole. Governor of the central bank is a thief and a forex fraudster who is bent on keeping the black market alive within the commercial banks. Godwin Emifiele must be sacked henceforth to rescue naira and the Nigeriasn economy. House of Representatives should recommend sacking of this CBN Governor and also put a very strict regime on the Nigerian commercial banks to stop them selling forex to overseas customers at the black market rates.