Approved List of Bank Charges in Nigeria by CBN (Official)
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WHAT YOU NEED KNOW ABOUT CBN BANK CHARGES
On January 1st, 2020, the new Central Bank of Nigeria (CBN) regime of banking charges on customers for services supplied went into effect. Just after third withdrawal from an Automated Teller Machine (ATM) inside the same month, the apex bank had urged banks to deduct withdrawal fees.
Aside this fee, there are other deductions made from both savings account and current account holders in Nigeria. Most bank users have complained of high bank charges to their accounts and are seeing this as theft on the part of the financial institution and the CBN.
OVERVIEW OF THE NEW CBN APPROVED BANK CHARGES
Let’s have a look at the new bank charges that the Central Bank of Nigeria, CBN, has approved:
- As a result of the new CBN guide, transactions below ₦5,000 would incur a maximum fee of ₦10; transfers between ₦5000 and ₦50,000 will attract a charge of ₦25; and transfers beyond ₦50,000 will receive a charge of ₦50.
- The present account card maintenance cost has been eliminated because the accounts already have an account maintenance fee. Savings accounts will now be charged a card maintenance cost of ₦50 every quarter, rather than ₦50 every month.
- The annual card maintenance cost for cards denominated in foreign currency (FCY) has been decreased from $20 to $10.
- After the third withdrawal within a month, ATM fees are lowered to ₦35 from ₦65.
- The charge for a hardware token will be based on cost recovery and will be capped at ₦2,500, down from the previous maximum charge of ₦3,500.
- Fees for required SMS alerts will be based on a cost recovery model, with a maximum price of ₦4 in place previously.
- Payment of bills via e-channels will incur a maximum charge of ₦500, based on 0.75 percent of the transaction value up to ₦1,200.
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FULL LIST OF BANK CHARGES IN NIGERIA BY CBN (2022)
The following is a complete list of the bank charges approved by Nigeria’s Central Bank: