The Central Bank of Nigeria (CBN) has slashed charges for Automated Teller Machine (ATM) withdrawal and inter-bank transfers.
CBN’s review of the charges was contained in its revised guidelines to charges by banks, other financial institutions and non-bank financial institutions.

ATM withdrawals that attract a service charge of N65 will now be N35 after the third withdrawal within the same month, according to the CBN. It also slashed the interbank transfers to a maximum of N50 per transaction from N300.

CBN has also amended guidelines to charges by banks, other financial institutions (OFIs), and non-bank financial institutions, the CBN has downward reviewed charges for electronic banking transactions and electronic banking transactions.

Chibuzor Efobi, the Director, Financial Policy and Regulation Department, in a circular, said the review was in response to “further evolution in the financial industry in the last few years.”

CBN said the reviewed guidelines include a review of other bank charges to comply with market changes.
The new guideline also contains sections of accountability, responsibility, and sanction regime to directly address instances of excessive unapproved, (arbitrary) charges, CBN said.
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