News
More headache for Nigerians as CBN imposes N600 charge on every N20,000 withdrawn from another bank’s ATM
By Kayode Sanni-Arewa
The apex bank in Nigeria, CBN, has imposed a withdrawal charge of between N100 and N600 for every N20,000 worth of interbank ATM withdrawals.
The three free monthly withdrawals that customers enjoy on interbank ATM withdrawals.
According to a CBN circular, FPR/DIR/GEN/CIR/001/002 with title, ‘Review of Automated Teller Machine Transaction Fee,’ dated February 10, 2025, the new fees would take effect March 1, 2025.
The Apex Bank said, “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide)”.
The CBN said customers withdrawing at the ATM of their financial institution in Nigeria would not be charged.
“Withdrawal from another institution’s ATM in Nigeria (Not-On-Us): On-site ATMs (within bank premises): A fee of N100 per N20,000 withdrawal will apply,” the apex bank further directed.
For Off-site ATMs (outside bank premises), the apex bank said a charge of N100 plus a surcharge of not more than N500 for every N20,000 withdrawal would be applicable.
It said that international withdrawals would be based on the exact amount imposed by the international acquirer.
The CBN said, “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.
“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”
By Gloria Ikibah
The House of Representatives has appointed Rep. Ibrahim Ayokunle Isiaka as the new Deputy Chief Whip.
Rep Isiaka who represents Ifo/Ewekoro Federal Constituency of Ogun State under the All Progressives Congress (APC), steps into the role following the passing of the former Deputy Chief Whip, Hon. Adewunmi Oriyomi Onanuga, earlier this year.
Speaker of the House, Rep. Tajudeen Abbas, confirmed Isiaka’s appointment during Tuesday’s plenary session, stating that it followed consultations with the APC caucus and other stakeholders from the Southwest.
Prior to this appointment, Isiaka served as Chairman of the House Committee on National Planning and Economic Development. Since joining the House in 2015, he has held key positions, including Chairman of the Committee on Ecological Funds, Deputy Chairman of the House Committee on Governmental Affairs, and leadership roles in several Ad Hoc Committees.
By Gloria Ikibah
The House of Representatives has directed the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, and the Nigerian Communications Commission (NCC) to put the planned increase in telecom tariffs on hold until service quality improves.
This resolution was sequel to a motion of urgent public importance on the “NEED FOR THE NIGERIAN COMMUNICATIONS COMMISSION NOT TO APPROVE THE IMPENDING HIKE IN THE TELECOMMUNICATIONS TARIFFS”, by Rep. Obuku Oforji, member representing Yenagoa/Kolokuma Opokuma Federal Constituency of Bayelsa State on Tuesday T plenary.
Rep. Oforji recalled that after a meeting with mobile network operators in Abuja on January 8, 2025, the minister hinted at an impending tariff hike. According to him, telecom companies have been pushing for an increase, with some proposing a 100 percent hike. However, Tijani clarified that while there would be an increase, it would not be as high as 100 percent, and the NCC would determine and announce the new rates.
The lawmaker explained that telecom operators justified the planned hike by citing rising investment costs, the need for better network infrastructure, and the increasing demand for digital services in sectors such as education, banking, and healthcare.
By Gloria Ikibah
The Institute for Peace and Conflict Resolution (IPCR) has announced plans to train one million Nigerian youths in conflict management as part of its 25th-anniversary celebration.
The Director General, Dr. Joseph Ochogwu, who disclosed this during a courtesy visit by members of the Diplomatic Correspondents Association of Nigeria (DICAN), described the initiative as a major step toward promoting peace, stating that the goal is to equip young Nigerians with essential skills to manage conflicts effectively.
Ochogwo explained that the training will be digital and entirely free, as participants only need internet access to log in, complete the courses, pass assessments, and receive certification.
This initiative he said aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which addresses key national concerns such as inclusion, security, and foreign policy under the 4D framework.
It also seeks to improve young Nigerians’ understanding of government policies on conflict resolution.
Dr. Ochogwu highlighted the media’s vital role in promoting peace, stating, “The media is central to our work. To drive change in any society, the media’s influence is indispensable.”
In response, the Chairman of DICAN, Comrade Idehai Frederick, expressed the association’s interest in collaborating with the Institute.
He emphasized DICAN’s extensive reach, and noted the professionalism of diplomatic correspondents.
“Our network consists of over 60 journalists covering Nigeria’s diplomatic affairs, including the Ministry of Foreign Affairs, embassies, and the broader diplomatic community.
“Diplomacy demands decorum and expertise, and we ensure these values reflect in our reporting and engagements.”
Rep. Ibrahim Isiaka Appointed Deputy Chief Whip of House of Reps
More headache for Nigerians as CBN imposes N600 charge on every N20,000 withdrawn from another bank’s ATM
Reps Urge FG to Stop Planned Telecom Tariff Increase
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