CBN reduced other bank ATN withdrawal fee from N65 to N35 (Read More Details)


Central Bank of Nigeria (CBN), on Sunday has reportedly reduced the withdrawal charge fee for using other banks’ Automated Teller Machines (ATM) from N65 to N35.

The N35 ATM fee according to the CBN should be imposed on customers after the third withdrawal within one month.

It also removed Card Maintenance Fee on all cards linked to current accounts, and also asked banks 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 bank on current accounts only.

The guidelines also pegged the Advance Payment Guarantee to a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.

The CBN warned banks to ensure full compliance to the new guidelines adding that any bank that violate the provisions of the guidelines would be sanctioned.

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