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The CBN is Nigeria's Apex Bank

New Guide To Bank Charges: CBN Slashes ATM Withdrawal And Transfer Charges

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Here is why Nigerians are rejoicing over the new Guide to Bank Charges directive from the Central Bank of Nigeria (CBN).

 

In what will be a welcome relief for customers in the Nigerian Banking industry, the Central Bank of Nigeria (CBN) has announced a downward review of all charges on Automated Teller Machine Withdrawal (ATM) and electronic transfer Charges.

 

CBN reduced bank charges in the new Guide to Bank Charges.
The CBN, Nigeria’s Apex Bank reduced bank charges in the new Guide to Bank Charges.

 

The new directives are part of the apex Bank’s latest Guide to Charges by Banks and Other Financial Institutions just released by the CBN.

 

With the new CBN directive, bank customers will now pay only N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfers of more than N50,000 will attract the N50 charge, which usually applies to all transfers in the past.

 

Furthermore, the CBN in the new Guide to Bank Charges slashed charges for cash withdrawal via another bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within the same month”.

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Failure To Comply With The New CBN Directives Will Attract A Penalty

The apex bank also eliminated the Card Maintenance Fee (CAMF) on all cards linked to current accounts.

The CBN also asked banks to charge a maximum of N1 per mille for customer induced debit transactions to third parties. This will apply to transfers or lodgments to the customers’ account in another bank on current accounts only.

 

It further warned banks to ensure full compliance with the new guidelines. Stating that any bank that violates the new guidelines will face sanctions.

 

The warning states:

 

“Financial Institutions are to note that any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time.

 

“Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.”

 

Click here to view the latest Guide to Charges by Banks and Other Financial Institutions.

 

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