Central Bank Of Nigeria (CBN) has cut bank charges on electronic transfer and the maintenance of automated bank teller machine (ATM).
The new charges are contained in a new CBN circular on charges by banks and other financial institutions.
Banks customers, under the slashed charges, will now pay 10 naira for electronic transfers below 5,000 naira, 25 naira for transactions from n5,000 to 50,000 naira, as well as 50 naira for transactions from 50,000 naira and above.
Also, the CBN slashed charges for cash withdrawal through other banks ATMS to a maximum of 35 naira after third withdrawal within a month.
The apex bank scrapped charges by banks for re-activation of bank accounts and closure of bank accounts.