Monday, October 19, 2020
CBN new guidelines 2020 slashes excess withdrawal with ATM to N35 and more

CBN issues new guidelines, slashes ATM withdrawal charges, fixes N1,000 to replace debit card.

The Central Bank of Nigeria has issued new guidelines to banks in Nigeria.

The new guidelines are contained in a circular to banks and non-bank financial institutions dated December 20.

According to the new guidelines, charges on ATM withdrawals in a separate bank’s machine after a third monthly transaction will now be N35. It was initially N65.

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 CBN guidelines also highlights that for cards linked to a savings account, the maintenance fee had been reduced to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600.

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

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