UNDERSTANDING NEW CBN DIRECTIVES ON ELECTRONIC FUNDS TRANSFER CHARGES

In case you still do not understand the new charges on electronic withdrawals by CBN, please check out the table below for easy guide.

In line with the Central Bank of Nigeria’s (CBN) directive to implement provisions in the Revised Guide to Bank Charges (RGBC), we wish to inform you about the reduction in charges for the following transactions effective January 01, 2020.

Electronic Fund Transfer Old Charges New Charges Transfers below N5,000 N50.00 N10.00 Transfers between N5,001 – N50,000 N50.00 N25.00 Transfers above N50,000 N50.00 N50.00 ATM Withdrawals Charge after the 3rd withdrawal on another Bank’s ATM in the same month N65.00 N35.00 Card Maintenance Foreign Currency Account $20 per annum (or its equivalent) $10 per annum (or its equivalent) Savings Account N50.00 monthly N50.00 quarterly Current Account N50.00 monthly No charges