3 Latest Bank Charges CBN Slashes in 2020

3 New Bank Charges for 2020, Number 2 is Great

The year 2019 was a great year for everyone, even the year has its own ups and downs but I believe it was a great one for everyone that crossed over

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The year 2019 was a great year for everyone, even the year has its own ups and downs but I believe it was a great one for everyone that crossed over into the new years day. The bank charges was a bit alarming in the year as we have many types of charges from tax to withdrawal fee, to POS charges and many other bank charges.

Central Bank of Nigeria Slashes Bank Charges in 2020
Central Bank of Nigeria Building with Nigerian Naira Notes
Source: TVC News

Nigerian Banks Charges 2019

Nigerian banks charge a different amount for all types of transactions, these bank charges range from bank SMS notification alerts to withdrawal fees and point of sales charges. This also includes the transfer charges from a bank to another.

At the last hours of 2019, Central Bank of Nigeria slashes the bank charges for many types of transactions that occur on every bank users and this good news was to commence on January 1st 2020.

New Nigerian Banks Charges for 2020

As the good news continues, the new bank charges for the year 2020 is as follows.

New Bank Charges for Electronic Transfer

Transaction LimitsOld Transaction Bank ChargesNew Transaction Bank Charges
Transfer below #5,000#52.50#10
Transfer from #5,001 to #50,000#52.50#25
Transfer above #50,000#52.25#50

New Bank Charges for ATM Withdrawal

DescriptionOld Withdrawal Bank ChargesNew Withdrawal Bank Charges
To be charged on any transaction after the 3rd withdrawal in a month from another bank’s ATM#65#35

Card Maintainance Charges

Account TypeOld Maintainance Bank ChargesNew Maintainance Bank Charges
Savings Account#50 Monthly#50 Quarterly
Current Account#50 MonthlyNo bank charges

What does this mean to you

With the implementation of the new bank charges, you can now do more bank transactions using the best means available at your disposal at a lower charge than the previous year.

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