CBN’s new bank charges begins today

The new Central Bank of Nigeria (CBN) regime of banking charges against customers for services rendered is expected to start today, January 1st, 2020.

The apex bank had instructed banks to slashed withdrawal fees usually charged after the third withdrawal from Automated Teller Machines (ATM) within the same month.

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In the new directive contained in the new Guide to Bank Charges, the CBN stated that the withdrawal fee charged for the use of other banks’ ATM has been reduced from N65 to N35.

Card maintenance fee has been reviewed to N50 every three month (quarterly), from the initial monthly period. The guide released by the CBN contains major changes on electronic transactions’ charges in Nigeria.

A graduated fee scale for electronic transfers to replace the current flat fee of N50 will begin, as transfers below N10,000 will attract a maximum charge of N10; and transfers above N50,000, N50.

Card maintenance fee on the current account has been removed as the accounts already attract maintenance fees.

Savings accounts will now attract a card maintenance fee of N50 per quarter (three months) from N50 per month. Yearly card maintenance fee on foreign currency denominated cards is reduced to $10 from $20.

The charge for hardware token will be on a cost-recovery basis subject to a maximum of N2,500 from previous maximum charge of N3,500, while the fee for SMS mandatory alert will be on cost recovery from previous maximum charge of N4.

Bill payment via e-channels will attract a maximum charge of N500 from 0.75 per cent of the transaction value subject to a maximum of N1,200.