CBN slash electronic traction charge on customers, urge banks to comply with the order



The Central Bank of Nigeria has given a new ordered to commercial banks in Nigeria, on the charges of the used of Electronic transaction.

"The new ordered are contained in a circular to banks and non-bank financial institutions dated December 20" premiums time report.

Omokoshaban learn that the new ordered, on the charges of the use of Automated Teller Machine (ATM), by the customer has been slash, withdrawals in a separate bank’s machine after a third monthly transaction will now be N35. It was initially N65.

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This means that customers who use their ATM cards to withdraw cash in machines other than those of their banks will now pay N35 per withdrawal after the first three withdrawals in a month. The first three withdrawals from a separate bank’s ATM per month will remain free of charge.

The apex bank also fixed N1,000 to replace or renew a debit card.

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