The Central Bank of Nigeria (CBN) has finally reduced the withdrawal fee attached to transactions on banks’ automated teller machines (ATM) from N65 to N35.
The apex bank announced this on Sunday in a document titled, “Guide to Bank Charges.”
According to the guideline, the N65 charge will be imposed on customers after the third withdrawal within the same month.
The Central Bank directed banks to charge customers N10 for electronic transfers below N5,000, and N25 for electronic transfers between N5,000 and N50,000. Only electronic transfers above N50,000 will attract N50 charge.
The CBN further card maintenance fee on all cards linked to current accounts and asked banks to charge a maximum of N1 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.
It warned that the failure of banks to comply with the directive will lead to a penalty of N2,000,000 or as determined by the CBN.
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