The Central Bank of Nigeria (CBN), has announced reduction of bank charges and rates applicable on some transactions.

A circular signed by Chibuzor Efobi, CBN Director, Financial Policy and Regulatory Department and released Friday, January 28, 2022, announced the reduction of charges on Automated Teller Machine (ATM) withdrawal, ATM maintenance fees, inter-bank/intra-bank transfer, etc.

The apex bank says the new rates are applicable to all financial institutions under its license to make financial services more accessible and affordable.

According to the circular, the Standing Order charge for intra-bank transaction will be free instead of the N300 contained in the 2017 guideline.

Charges on inter-bank transfers have been reduced to a maximum of N50 per transaction compared to the N300 held in 2017.

Bills Payment (including bills payment through other e-channels) is negotiable, subject to a maximum of N500 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 N5000; N26 for transaction of N5001 to N50,000 while transactions above N50,000 will be charged N50.

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 N50.

Debit card maintenance charges that were N100/month have been removed in the new guideline.