Court Asked To Stop CBN From Implementing N65 ATM Charge

Rights activist,Timi Frank has asked a Federal High Court in Abuja to restrain the Central Bank of Nigeria (CBN) from further implementing its reintroduced N65 on cash withdrawal from others’ banks’ ATMs.Frank argued in a suit marked: FHC/ABJ/CS/659/2014 that the decision by the CBN governor to reintroduce charges of cash withdrawal from ATM was “retrogressive and a negation of the cashless policy currently being propagated by the CBN.”According to him, such charges were not only discriminatory against the poor, but capable of discouraging savings on the part of the low income earners. The new CBN Governor,Godwin Emefielehad on August 13 announced that a customer, who makes cash withdrawals from the ATM of banks other than his/her, would be charged N65 at the fourth withdrawal within a month. The policy took effect nationwide on September

SOURCE:- ThisDayLive