The Central Bank of Nigeria (CBN) has mandated banks to charge customers N35 for cash withdrawals from other banks’ Automated Teller Machines (ATMs) as against the previous N65 fee that applies after the third withdrawal within one month.
The apex bank made the directive known in a revised Guide to Bank Charges released on Sunday .
The new guideline signed by Chibuzo Efobi for CBN Director, Financial Policy and Regulation Department, showed a downward review for electronic banking transaction charges to align with market developments and inclusion of new sections on accountability and sanctions for defaulting banks.
Other major highlights of the new policy include removal of Card Maintenance Fee (CAMF) on all cards linked to current accounts, a maximum of one Naira 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, cut in Advance Payment Guarantee (APG) now pegged at 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 guideline will takes effect from January 1, 2020.
#Edited By Christiana Dan