In a circular from the Director, Financial Policy and Regulation Department, Chibuzor Efobi, the apex bank of Nigeria set to regulate the charges by banks, Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NFI).
According to him, the Central Bank of Nigeria (CBN) is set to downward review the ATM withdrawal charges, inter-bank transfer fees. In essence, The CBN took this new review as a necessity to “further evolution in the financial industry in the last few years.’’. This new development involved a review of other bank charges for market compliance.
As against the N65 charged initially, the latest development reduces the charges for the ATM withdrawals at N35 after the third round within the a month.
However, inter-bank transfer charges are also reduced to a bearest minimum of N50 per transaction from the initial N300.
Accountability, responsibility as well as a sanction regin are the three new sections included to guide against excessive, unapproved, arbitrary charges
it also included new sections on accountability and responsibility, as well as a sanction regime to directly address instances of excessive unapproved, (arbitrary) charges, according to the statement.