The Central Bank of Nigeria (CBN) has reduced charges applicable on
electronic bank transactions for account holders across the country.
Details of the new charges are contained in the latest Guide to Charges
by Banks and Other Financial Institutions released by the CBN on Sunday.
According to the CBN, the withdrawal fee charged for the use of other
banks’ Automated Teller Machines has been slashed to N35 from N65. The
new N35 ATM fee is to be imposed on customers after the third withdrawal
within one month, the new guide said.
The CBN revealed further that bank customers will 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, it added.
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