CBN Introduces New Charges on ATM’s, Cheques

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The Central Bank of Nigeria (CBN) has proposed a N100 monthly charge on every debit card (ATM
card) in the country. The new charge is separate from the existing N65 charge after the third withdrawal within the same
month…

A monthly maintenance fee of N100 was also proposed every month for a naira dominated debit
card when used, and a N50 charge for other months when the card is used or not.

In its draft on the“guide to charges for banks and other financial institutions in Nigeria”, CBN has also proposed a N4,200-per-annum charge on foreign currency denominated cards as maintenance fee.

The apex bank has also proposed a N50 charge
on every cheque leaflet obtained and used at the deposit money bank’s counter, The Cable reports.
This is not the same as the collection charge on cheques, which is also proposed to be“one
percent of cheque value or Naira equivalent of US $10 whichever is lower”.

The circular, signed by Kevin Amugo, director financial policy and regulation department, stated:
“The Central Bank of Nigeria is currently reviewing the extant Guide to Bank Charges,
which came into effect on April 1, 2013,” “The review, which is in line with the philosophy of periodically ensuring that the provisions of the
guide accord with current realities, also seek to address complaints from customers of financial
services, requests for clarification on provision of the guide and absence of a tariff regime for other
financial institutions in Nigeria.

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