Cbn new bank charges
CBN (Central Bank of Nigeria) has introduced new bank charges in Nigeria, effective from January 1, 2020. The new charges are aimed at reducing the cost of banking services and promoting financial inclusion. Here are some of the new bank charges:
- Minimum Account Maintenance Charge: Banks are now allowed to charge a minimum of N50 per month for maintaining a current account.
- Card Maintenance Charge: Banks can charge a maximum of N50 per month for maintaining a debit card.
- Card Replacement Charge: Banks can charge a maximum of N1,000 for replacing a lost or damaged debit card.
- Card Annual Fee: Banks can charge a maximum of N1,000 per year for debit card annual fee.
- Overdraft Charge: Banks can charge a maximum of 15% per annum on overdraft facilities.
- Late Payment Charge: Banks can charge a maximum of 2% per month on late payments.
- Cheque Book Charge: Banks can charge a maximum of N50 per cheque book.
- Cheque Return Charge: Banks can charge a maximum of N50 per cheque return.
- Electronic Transfer Charge: Banks can charge a maximum of N50 per electronic transfer.
- Mobile Banking Charge: Banks can charge a maximum of N50 per mobile banking transaction.
- ATM Charge: Banks can charge a maximum of N35 per ATM transaction.
- Cardless Withdrawal Charge: Banks can charge a maximum of N50 per cardless withdrawal.
It's important to note that these charges are subject to change and may vary depending on the bank and the type of account. Additionally, some banks may offer waivers or discounts on these charges for certain customers or transactions.
It's always a good idea to check with your bank for their specific charges and fees before opening an account or making a transaction.