The Central Bank of Nigeria (CBN)has revised the Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions and it is expected to take effect from January 1, 2020.
They also reduced the charges from N65 to N35 after third withdrawal within the same month using different ATMs of other banks.
See the announcement below:
“In a bid to encourage financial inclusion and to reduce the burden of bank charges on consumers of financial service
#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.
#CBN 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“
See the Sections of the revised guide below: