The Central Bank of Nigeria has in the latest guide to Charges by Banks and other Financial Institutions reviewed downwards the fee users will have to pay for electronic transfers and ATM transaction fees.
With this new revision, bank customers will pay 10 instead of 20 Naira for transfers below 5000, and 25 up until the 50,000 Naira mark. 50 Naira will be paid on transactions higher than the 50,000 mark.
In addition, withdrawals from other bank ATM that previously cost 65 Naira will now be 35 Naira after the third withdrawal in the same month.
Furthermore, all Card Maintenance fees linked to current accounts have been suspended on all such cards while for savings account a maximum of 50 Naira per quarter is applicable as opposed to the monthly deductions.
Activation and closing of accounts will also no longer incur any charges while statement inquiries will attract the sum of 500 Naira per request.
To avoid arbitrary charges by banks, a fine of 2,000,000 Naira or as determined by the CBN will be levied on any bank found wanting. This measures are to take effect starting January 1, 2020.
