The Nigerian currency, the Naira, experienced an appreciation in the parallel market on Monday, February 17, rising to ₦1,555 per dollar, compared to ₦1,570 per dollar recorded last Friday.
Conversely, in the Nigerian Foreign Exchange Market (NFEM), the Naira saw a depreciation, settling at ₦1,512 per dollar.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira in the NFEM increased slightly from ₦1,511 per dollar over the weekend, reflecting a depreciation of ₦1 for the Naira.
As a result, the gap between the parallel market rate and the NFEM rate has decreased to ₦43 per dollar, down from ₦59 per dollar noted last Friday.
Meanwhile, the Socio-Economic Rights and Accountability Project (SERAP) has described the new hike in Automated Teller Machine transaction fees announced by the Central Bank of Nigeria (CBN) as unlawful, unfair, unreasonable, and unjust.
OsunDailyNG reports that the apex bank, in a circular issued on February 10, 2025, imposed ₦100 charges on cash withdrawals from Automated Teller Machines (ATMs) of banks other than the customers’ own while withdrawals at shopping centres, airports, and standalone cash points will carry an additional surcharge of up to N500 per ₦20,000 withdrawal.
The directive takes effect March 1, 2025.
In a statement issued on Sunday by SERAP Deputy Director Kolawole Oluwadare, the organisation urged CBN Governor, Olayemi Cardoso, to reverse the policy immediately.
The organisation argued that it would worsen the financial hardship faced by Nigerians, particularly low-income earners.
SERAP contended that the increase contradicts Section 42(1)(a) of the CBN Act 2007, which mandates the apex bank to ensure adequate and reasonable financial services for the public in the national interest.
It also cited Section 1(c)(d) of the Federal Competition and Consumer Protection Act, 2018, which seeks to protect and promote the interests and welfare of consumers and prohibits restrictive or unfair business practices.
