Cbn approve new charges may 2017
It appears that you're referring to the Central Bank of Nigeria (CBN) approving new charges in May 2017.
On May 25, 2017, the Central Bank of Nigeria (CBN) approved new charges for banks and other financial institutions in Nigeria. The new charges were aimed at reducing the cost of banking services and increasing financial inclusion in the country.
Some of the key changes introduced by the CBN include:
- Reduction in minimum account maintenance fee: The CBN reduced the minimum account maintenance fee from N50 to N50 per annum.
- Reduction in ATM maintenance fee: The CBN reduced the ATM maintenance fee from N65 to N50 per transaction.
- Reduction in electronic transfer fee: The CBN reduced the electronic transfer fee from N50 to N20 per transaction.
- Introduction of a new fee for cash deposits: The CBN introduced a new fee of N50 per deposit for cash deposits above N500,000.
- Introduction of a new fee for cash withdrawals: The CBN introduced a new fee of N50 per withdrawal for cash withdrawals above N500,000.
The CBN also introduced new guidelines for the payment of charges by banks and other financial institutions. The guidelines aimed to ensure that banks and other financial institutions charged customers fairly and transparently.
Overall, the new charges approved by the CBN in May 2017 were aimed at promoting financial inclusion and reducing the cost of banking services in Nigeria.