The Central Bank of Nigeria (CBN) on Sunday announced the reduction in withdrawal fee charged for the use of other banks’ Automated Teller Machines (ATM) from N65 to N35.
The directive, which wass one of the new Guide to Bank Charges by the apex bank, stated that the N35 fee should be imposed on customers after the third withdrawal within one month.
The CBN 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 lodgements to the customers’ account in other bank on current accounts only.
“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,” the bank stated.
