The Central Bank of Nigeria (CBN) has adjusted the charges and rates on some transactions including ATM withdrawal, ATM maintenance fees, interbank and intra-bank transfer, among within the country’s financial institutions.
The apex bank made this known in a circular issued by Chibuzor Efobi, CBN Director, Financial Policy and Regulatory Department, on Friday.
READ ALSO: You’ll be arrested for spraying, stepping on Naira notes – CBN
Charges for intra-bank will be free instead of the N300 contained in the 2017 guideline, according to the circular.
Also, charges on interbank transfers have been reduced to a maximum of N5O per transaction compared to the N300 held in 2017.
The circular reads, “Bills payment through other e-channels is negotiable, subject to a maximum of N5OO per beneficiary payable by sender, a review from the N1,200 or 0.75 per cent for a biller or merchant to pay.
“Electronic funds transfer charges is now N10 for a transaction below N5,OOO; N26 for transaction of N5001 to N50,000 while transactions above N50,000 will be charged N5O.
“Withdrawals on other banks’ ATMs have been reduced from N65 to N35 after the third withdrawal within the same month. The CBN also reduced ATM bill payments charge from N100 to N5O. Debit card maintenance charges that were N100/month have been removed in the new guideline.
“The new guideline applies to financial and non-financial institutions under its licence or regulatory purview.”
Follow the Neptune Prime channel on WhatsApp: https://whatsapp.com/channel/0029Va74ZvU2v1IqKByXoX3d
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
 has adjusted the charges and rates on some transactions including ATM withdrawal, ATM maintenance fees, interbank and intra-bank transfer, among within the country's financial institutions. ){kind=link}