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The Nigerian Central Bank (CBN) Reviews Electronic Transfer And ATM Fees Downward

A new step has been taken by the Central Bank of Nigeria (CBN) to see a review downward on every electronic transfer and ATM fees as well as all card maintenance fees in the banking sector.

According to new guide, banks and other financial institutions are hereby directed to charge N10 for every transaction as against the N50 been charged previously.

The CBN has directed customers to pay N10 for any transaction below N5,000 and N25 for electronic related transfers between N50,000. As it stands today, any electronic transfer above N50,000 will attract the N50 charges.

Initially, depositors pay N50 compulsory charge for every electronic transfers below N500,000.

Furthermore, the Central Bank of Nigeria has directed banks in the new Guide to slash charges for cash withdrawals on other bank’s Automated Teller Machines ( ATM) to maximum of N35 after the third withdrawal in the same month” from “N65 after the third withdrawals in the same month”.

The CBN henceforth has removed Card Maintenance Fee  on every  card linked to a current accounts and maximum of one Naira per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other banks on current accounts only respectively.

The CBN Director, Corporate Communications Mr. Isaac Okorafor disclosed the the current NIP charges apply to use of unstructured supplementary Service Data(USSD), purchase with cash, will attract N100 per N20,000 subject to cumulative N60,000 on daily withdrawal.

Furthermore all cards linked to any savings account will now attract a maintenance fee of N50 per quarter as against N50 per month previously charged.

Meaning you are to pay N200 per annum instead of N600 per year.

Mr. Okorafor explained that Central Bank of Nigeria carried out the reviews of the Guide that also prescribes the charges permissible for other Financial Institutions and non-bank financial institutions, in order to align with the market developments at the moment.

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Central Bank of Nigeria Guide Isaac Okorafor Nigerian Central Bank


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