Cbn approved new charges may 2017
Here are the new charges approved by the Central Bank of Nigeria (CBN) in May 2017:
1. Cash Withdrawal Limit: The CBN introduced a cash withdrawal limit of N500,000 (approximately $1,300) per day for individuals and N3,000,000 (approximately $7,700) for corporate organizations.
2. Cashless Policy: The CBN introduced a cashless policy, which aimed to reduce the use of cash transactions and promote electronic payments. The policy introduced a 2% commission on cash withdrawals above the daily limit.
3. Interchange Fee: The CBN approved an interchange fee of N50 (approximately $0.13) per transaction for debit card transactions and N100 (approximately $0.26) per transaction for credit card transactions.
4. Card Scheme Fees: The CBN approved fees for card schemes, including:
- Visa: 0.5% of transaction value for domestic transactions and 1.5% for international transactions.
- Mastercard: 0.5% of transaction value for domestic transactions and 1.5% for international transactions.
- Verve: 0.5% of transaction value for domestic transactions and 1.5% for international transactions.
5. ATM Maintenance Fee: The CBN approved an ATM maintenance fee of N50 (approximately $0.13) per transaction for ATMs that are not part of the CBN's ATM network.
6. Card Issuance Fee: The CBN approved a card issuance fee of N500 (approximately $1.30) per card for debit cards and N1,000 (approximately $2.60) per card for credit cards.
7. Card Verification Fee: The CBN approved a card verification fee of N50 (approximately $0.13) per transaction for online transactions.
These charges were introduced to promote electronic payments, reduce cash transactions, and increase financial inclusion in Nigeria.