In a circular titled, ‘Revised guide to bank charges,’ posted on its
website, the Central Bank of Nigeria (CBN), Thursday, announced the
cancellation of the N100 monthly Automated Teller Machine charges
recently introduced by some banks.
The Citizen newspaper
reports that the apex bank however, pegged the ATM charges at N1oo
annually. The CBN also pegged electronic transfer at N70 for
transactions below N500,000, while N100 should be charged on
transactions between N500,000 and N1m. Transactions above N1m will
attract a charge of N500. The CBN also pegged the mandatory cost of
Short Message Service alert at N4 subject to the Nigerian Communication
Commission directives.
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