CBN Reviews Bank Charges, Reduces ATM Charges from N65 to N35

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-N10 on transfers below N5,000

-N25 for transfers between N5,000 to 50,000

-N50 on transfers above 50,000

– ATM bank charge revised to N35 from N65 when you use other banks’ ATM

SWITZERLAND, DECEMBER 23 -In a bid to encourage financial inclusion and to reduce the burden of bank charges on consumers of financial service, the Central Bank of Nigeria, CBN has issued a revised Guide to Charges by Banks, Other Financial and Non-Bank Financial institutions in response to the evolution in the financial industry over the last few years.

The new guide includes, amongst others; downward review of charges for electronic banking transactions. Review of other bank charges to align with market developments and inclusion of new sections on Accountability/Responsibility and a Sanction Regime to directly address instances of excess, unapproved and/or arbitrary charges.

The revised Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions takes effect on January 1, 2020.

Below is the summary of the new rates:

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