Nigeria’s apex bank, the Central Bank of Nigeria (CBN) on Sunday reduced withdrawal fee charged for use of other banks’ Automated Teller Machines (ATMs) from N65 to N35.
The directive is contained in the new Guide to Bank Charges released by the CBN on Sunday.
The new N35 charge, according to the apex bank should be imposed after the third withdrawal within one month.
It also removed Card Maintenance Fee on all cards linked to current accounts and put Advance Payment Guarantee to a maximum of one percent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.
The CBN warned banks to ensure full compliance to the new guidelines adding that any bank that violate the provisions of the guidelines would be sanctioned.
“Financial Institutions are to note that any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time,” the guidelines read in part.
” 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.”