CBN Cuts ATM Withdrawal Fee, Cancels Maintenance Fees
The Central Bank of Nigeria, CBN has cut the ATM withdrawal fee To N35 and canceled maintenance fees on all current accounts.
The new rule which will kick off come January 1st has the ATM withdrawal fee pegged at N35 from the former N65.
Also, this charge will only take place after the 3rd withdrawal using another bank’s ATM within one month.
Furthermore, customers will now pay N10 for each electronic transfer below N5,000, and N25 for electronic transfer between N5,000 and N50,000.
Card maintenance fee was also removed from all current accounts and breach of any of the provisions as contained in the new Guide carries a penalty of N2 million per infraction or as may be determined by the CBN.