Banks customers on Monday commended the Central Bank of Nigeria (CBN) for its move in slashing various banks charges.
According to The News Agency of Nigeria (NAN) reports customers in Abuja on Monday described the development as the right step in the right direction.
On Sunday, the apex bank in a new guidelines anounced the downward review of most charges and fees for banking services, other financial, and non-bank financial institutions, with effect from January 1, 2020.
Among the charges, CBN said bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge.
Previously, bank customers pay N50 charge for electronic transfers below N500,000.
The guide also slashed charges for cash withdrawal via Other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within the same month”.