Business
New ATM Transaction Fees Begin March 1, Says CBN
For withdrawals at ATMs belonging to other banks (Not-on-Us transactions), an N100 fee plus a surcharge of not more than N500 per N20,000 withdrawal will apply.

The Central Bank of Nigeria (CBN) has reviewed upwards the fees charged on Automated Teller Machine (ATM) withdrawals effective March 1
.In a circular, CBN Acting Director, Financial Policy & Regulation Department, John Onojah, explained that the revised charges will address increasing operational costs and enhance the efficiency of banking services.
The Nation Newspaper, reports that under the new rules, customers withdrawing from their own bank’s ATMs (on-us transactions) will continue to enjoy free withdrawals.
However, withdrawals from on-site ATMs (ATMs located at bank branches) will incur an N100 fee per N20,000 withdrawn.
For withdrawals at ATMs belonging to other banks (Not-on-Us transactions), an N100 fee plus a surcharge of not more than N500 per N20,000 withdrawal will apply.
The CBN emphasized that the surcharge is the income of the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
Business
NCS Replacing 4% import charges with 1% CISS import levy
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.
The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.
The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.
He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
-
News3 days ago
BREAKING: Group of retired police officers protest against poor welfare
-
News2 days ago
BREAKING: Natasha arrives at the National Assembly to resume duty
-
News2 days ago
Again, Court Refuses Yahaya Bello’s Travel Request for Medical Treatment
-
Health3 days ago
BREAKING: Medical practitioners vow to begin nationwide strike on Thursday
-
News2 days ago
UPDATE: Drama as security prevents Natasha from entering N’Assembly
-
Business2 days ago
GenCos Oppose Enugu’s Band A tariff cut to N160/kWh
-
Business2 days ago
NCS Replacing 4% import charges with 1% CISS import levy
-
Business2 days ago
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target