Central Bank of Nigeria (CBN) has reviewed charges and rates for banking activities in the country.

This was disclosed in the CBN new ‘Guide to Charges by Banks Other Financial and Non-Financial’ according to findings by DAILY INDEPENDENT.

The apex bank said the guideline applies to charges by Banks Other Financial and Non-Financial under its licence or regulation.

CBN Governor, Godwin Emefiele
The Central Bank of Nigeria (CBN) has reviewed charges and rates for banking activities in the country.

This was disclosed in the CBN new ‘Guide to Charges by Banks Other Financial and Non-Financial’ according to findings by DAILY INDEPENDENT.

The apex bank said the guideline applies to charges by Banks Other Financial and Non-Financial under its licence or regulation.
The document revealed that the CBN has reduced the charges on some transactions including Standing Order Charge (In-Branch); ATM Maninance Fees; Electronic Fund Transfers and Bulk Payments among others.

In the latest guideline, CBN said Standing Order Charge for intra-bank will be free compared to the N300 in the 2017 guideline.
For Interbank Transfers, the CBN cut the charges to a maximum of N50 per transaction compared to the N300 held in 2017.