The Central Bank of Nigeria (CBN) has reduced the withdrawal charge for automated teller machines (ATM) from N65 to N35.
This is made known in a document entitled, ‘Guide to Bank Charges’ released by the apex bank, on Sunday, stating that, the N65 fee will be imposed on customers after the third withdrawal within the same month.
Banks have also been asked to charge customers 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.
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The monthly card maintenance fee on all cards linked to current accounts was also removed and banks were asked 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.
CBN made it clear in the document 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.
“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,” it read.
“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.”