Cbn approve new charges
You're referring to the Central Bank of Nigeria (CBN) approving new charges!
The Central Bank of Nigeria (CBN) has the authority to regulate and supervise the banking industry in Nigeria. One of its key responsibilities is to approve or disapprove new charges introduced by banks and other financial institutions.
Recently, the CBN has approved new charges introduced by some banks in Nigeria. These charges are aimed at reducing the cost of banking services and increasing revenue for the banks.
Some of the new charges approved by the CBN include:
- Card maintenance fees: Banks are now allowed to charge customers a monthly maintenance fee for using their debit cards.
- ATM withdrawal fees: Banks can charge customers a fee for withdrawing cash from other banks' ATMs.
- Online banking fees: Banks can charge customers a fee for using their online banking platforms.
- Mobile banking fees: Banks can charge customers a fee for using their mobile banking apps.
- Account maintenance fees: Banks can charge customers a fee for maintaining their bank accounts.
It's worth noting that the CBN has also introduced some regulations to ensure that banks do not exploit their customers. For example, banks are required to provide customers with clear information about the charges they will incur before they are deducted from their accounts.
Overall, the approval of new charges by the CBN is aimed at promoting a more efficient and sustainable banking system in Nigeria.