Nigeria apex Bank, the Central Bank of Nigeria announces on Sunday the reduction in the ATM withdrawal fee charged for the use of other banks’ Automated Teller Machines (ATM) card from N65 to N35.
The new directive is part of the major highlights of the new Guide to Bank Charges released by the CBN on Sunday.
It also removed Card Maintenance Fee on all cards linked to current accounts, and also asked banks to charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other bank on current accounts only.
The new guidelines also pegged the Advance Payment Guarantee to a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
The statement also warn banks ”Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.”
