CBN to sanction banks limiting ATM withdrawal below N20,000 – Newstrends
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CBN to sanction banks limiting ATM withdrawal below N20,000

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CBN Governor, Olayemi Cardoso

CBN to sanction banks limiting ATM withdrawal below N20,000

The Central Bank of Nigeria, CBN, has threatened to sanction banks that limit Automated Teller Machines (ATM) withdrawal to less than N20,000 per transaction.

The apex bank disclosed this in a document addressing concerns over the reviewed fees on ATM withdrawal.

Recall that CBN on Tuesday increased ATM transaction withdrawal fees, saying, from March 1st, bank customers will pay N100 charge for every N20,000 withdrawal from the on-site  ATM of other  banks.

The CBN in a circular to banks and other financial institutions, the CBN said,  “ATM Transaction Fees On-Us for customers withdrawing at the ATM of the customer’s financial institution in Nigeria with No charge.

“Not-On-Us for withdrawal from another institution’s ATM in Nigeria; On-site ATMs will attract a charge of N100 per N20,000 withdrawal.

“Off-site ATMs will attract  a charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.

“The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.

“International Withdrawals (per transaction) whether debit/credit card: Cost Recovery – exact charge by international acquirer.

“Furthermore, the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”

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However, following widespread concerns over the limit on ATM cash withdrawal by banks, the apex and yesterday released a list Frequently Asked Question, FAQ, to clarify implementation of the new charge.

CBN to sanction banks limiting ATM withdrawal below N20,000

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Emir Sanusi Accuses Nigerian Politicians of Sabotaging National Progress

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Emir of Kano, Muhammadu Sanusi

Emir Sanusi Accuses Nigerian Politicians of Sabotaging National Progress

The Emir of Kano, Muhammadu Sanusi, has accused the Nigerian political elite of deliberately sabotaging the country’s development by treating public office as a “family business.” Sanusi made the remarks in Lagos on Wednesday during the 15th anniversary celebration of Enough is Enough (EiE) Nigeria.

Speaking at the event, the monarch said Nigeria’s ruling class had consistently missed — and in many cases intentionally ignored — opportunities for national progress because they prioritised personal gain over public good.

According to Sanusi, “public office is about themselves, their families, and people close to them, not about the country or its citizens.” He warned that the elite’s self-serving approach has inflicted long-term damage on Nigeria’s growth trajectory.

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He said: “We have done enough damage, and maybe we need to stop… The reason we miss these opportunities is that we have people who think public office is about themselves… It’s not about the country. But public office is about the citizens.”

Calling on young Nigerians to reject the dysfunctional system they inherited, Sanusi urged them to unite across ethnic, religious, and social divides to build a nation that works for all. He described the current structure as one driven by ethnic rivalries, religious conflicts, and personal aggrandizement, which has hindered Nigeria’s potential.

He emphasised that the country belongs to its citizens, not politicians, saying: “We own this country… We have a duty to contribute our quota to this nation.”

Sanusi challenged youths to articulate a clear ideological direction and create a vision for a new Nigeria — one fundamentally different from the fractured country “manufactured” by decades of failed leadership.

“It has to be a country that realises its potential in the committee of nations,” he concluded.

Emir Sanusi Accuses Nigerian Politicians of Sabotaging National Progress

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Rivers Speaker Accuses Governor Fubara of Fueling Fresh Political Crisis

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Governor Siminalayi Fubara and Speaker of the Rivers State House of Assembly, Martins Amaewhule

Rivers Speaker Accuses Governor Fubara of Fueling Fresh Political Crisis

Speaker of the Rivers State House of Assembly, Martin Amaewhule, has accused Governor Siminalayi Fubara of sidelining lawmakers and “setting the stage for another crisis” in the state. Amaewhule spoke during a press briefing in Port Harcourt on Thursday, accompanied by 10 legislators loyal to former governor and FCT Minister, Nyesom Wike.

The Speaker’s remarks followed the governor’s comments on Wednesday, in which Fubara expressed disappointment that Wike had not fulfilled his promise to facilitate a meeting between him and the pro-Wike lawmakers. Fubara, who made the remarks during a project inauguration, reiterated his willingness to resolve the lingering political tensions in Rivers State.

Amaewhule, however, accused the governor of distorting facts and ignoring the legislature, saying his claims were “reactionary” and misleading. He insisted that Wike had already organised multiple reconciliation meetings in both Abuja and Port Harcourt, which were attended by the governor and the lawmakers.

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He further alleged that since assuming office, Governor Fubara had refused to cooperate with the Assembly and had drawn from the 2024 and 2025 budgets without legislative approval. According to him, the governor had violated previously agreed peace terms and was “preparing the grounds for another round of crisis,” despite the Assembly’s commitment to stability and President Bola Tinubu’s Renewed Hope Agenda.

The Speaker also accused Fubara of planning to use over N600bn reportedly left in the state coffers by former emergency administrator, Rear Admiral Ibok-Ete Ibas (rtd.), “to divide lawmakers and for other frivolities.”

Amaewhule criticised the governor for allegedly refusing to present the 2025 Rivers State budget, saying, “The governor told us blatantly that he would not bring a budget… From September when we met, the governor has been spending without our approval.”

He further claimed that contracts were being awarded to “cronies” linked to the burning of the Rivers State Assembly complex, adding that the governor had been “spending from his front pockets” without oversight.

On finances under emergency rule, he reiterated, “The outgoing administrator left over N600bn in the accounts of Rivers State… The governor has been spending it, boasting he will use the funds to divide Assembly members.”

Amaewhule accused the governor of encouraging online attacks on lawmakers, saying his media allies were funded to “insult the Assembly on television and social media.”

Calling Fubara’s remarks “unnecessary and condemnable,” the Speaker urged him to embrace true leadership, stating that Rivers people had suffered enough from what he described as the governor’s “indolence.”

Rivers Speaker Accuses Governor Fubara of Fueling Fresh Political Crisis

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MURIC Commends Sultan of Sokoto for Bold Warning on NIREC’s Relevance

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Sultan of Sokoto, His Eminence Muhammad Sa'ad Abubakar III

MURIC Commends Sultan of Sokoto for Bold Warning on NIREC’s Relevance

Abuja, 11th December 2025 – The Muslim Rights Concern (MURIC) has praised the Sultan of Sokoto, His Eminence Muhammad Sa’ad Abubakar III, for his candid warning that the Nigeria Inter-Religious Council (NIREC) risks losing its relevance unless faith leaders embrace sincerity, accountability, and genuine dialogue.

The remarks were made during the Second Tri-Annual Meeting of NIREC in Abuja on Wednesday, 10th December 2025. The Sultan, who also serves as President-General of the Nigerian Supreme Council for Islamic Affairs (NSCIA) and Co-Chair of NIREC, highlighted the need for honesty among faith leaders, questioning whether members truly practice the values they espouse in public.

Quoted in a statement by MURIC, the Sultan said:
“We sit down and say so many good things to one another, knowing God owns everything. Yet, when we go out, away from our comfort zone, we begin to say negative things about one another. Are we really honest with ourselves?”

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Reacting to the Sultan’s statement, MURIC described it as “frank, truthful and bold,” and expressed concern that NIREC has become “a mere talk shop, an elephant in the room and a gangrene polluting the religious anatomy of the nation.”

MURIC further criticised Christian members of NIREC for allegedly undermining trust within the council, citing reports of a purported Christian genocide submitted abroad without prior discussion within NIREC. The group argued that such actions demonstrate “bad faith, ill will and betrayal” toward Muslim members of the council.

Despite these tensions, MURIC lauded the Sultan for continuing to engage in dialogue with his Christian colleagues. The organisation described his commitment to peaceful coexistence, tolerance, and patience as exemplary, warning against any attempts to associate him with terrorism.

MURIC’s Founder and Executive Director, Professor Ishaq Akintola, said the Sultan’s efforts underscore the importance of dialogue in maintaining religious harmony in Nigeria and urged all faith leaders to follow his example.

The press release concluded with a call for continued cooperation within NIREC to ensure peace, progress, and mutual understanding across the nation.

MURIC Commends Sultan of Sokoto for Bold Warning on NIREC’s Relevance

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