Bank ATM withdrawal charges has been slashed from N65 to N35 by the Central Bank Of Nigeria (CBN)

This slash in withdrawal charges was announced by the Apex Bank on Sunday 22nd December.

It also mandated that this charges of N65 which is now N35 can only be imposed on a user after the third withdrawal in a month.

In the new Guide to Bank Charges, Card Maintenance Fee on all cards linked to current accounts was removed.

Bank customers will also now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000.

Only electronic transfer above N50,000 will attract N50 charge. Previously, bank customers pay N50 charge for electronic transfers below N500,000.

To control  excesses and disobedience by some financial institutions, the  CBN said that,

“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.”

CBN’s Director of Corporate Communications, Isaac Okorafor also explained that the current NIP charges apply to use of Unstructured Supplementary Service Data (USSD).

Also, for cards linked to savings account, a maintenance fee has been reduced to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600.