See The Breakdown of Bank Charges Slash By CBN

With Apex Bank, CBN reviewing the bank charges deducted by bank, with a widely acceptance if the slash of 65N to 35N these are the breakdown of the review.

It is a great idea what the CBN are doing to make sure everyone is being carried along with the economy status of Nigeria. The CBN have duly contributed to a better banking for all Nigerians.

Slashing of electronic transfer fees

The new electronic transfer fee

For every banking system in Nigeria, the new electronic transfer fee seems to be very considerate. The slashed fees/fee are stated below in an ordered list and also I’ve attached the verified picture to this post.

A. Electronic transfers

1. N10 for interbank transactions less than N5000
2. N250 for interbank transactions between N5, 001 – N50, 000
3. N50 for interbank transaction above N50, 000

B. ATM Withdrawal

N35 (previously at N65)  after third (3rd)  withdrawal in a month, on another bank’s ATM. 

C. Card maintenance charge

1. N50 every 3 months for savings (now quarterly as against the current monthly charge) 
2. Zero for current

D. Account Maintenance charge

1. Zero for current
2. Applicable to current accounts only on customer induced charges. 
As at the time this news was published, the new approved bank charges for both ATM and electronic transfer has not been effected by banks in Nigeria. But we do hope that this changes are effected from January 1st. 

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