CBN issues new guidelines, slashes banks' ATM withdrawal fees from N65 to N35

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The Central Bank of Nigeria (CBN) has reduced charges applicable on electronic bank transactions for account holders across the country.

Details of the new charges are contained in the latest Guide to Charges by Banks and Other Financial Institutions released by the CBN on Sunday.

According to the CBN, the withdrawal fee charged for the use of other banks’ Automated Teller Machines has been slashed to N35 from N65. The new N35 ATM fee is to be imposed on customers after the third withdrawal within one month, the new guide said.

The CBN revealed further that bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge, it added.