“Any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction.” – CBN
The Central Bank of Nigeria (CBN) has released an updated list of approved charges for savings and current accounts across Nigerian banks and financial institutions. The charges cover transfers, withdrawals, card maintenance, and electronic banking services.
The CBN directive, titled Guide to Charges by Banks and Other Financial Institutions, mandates that transaction receipts must include clear descriptions of any charges applied.
Electronic transfers attract N10 for amounts below N5,000, N25 for N5,001–N50,000, and N50 for amounts above N50,000. ATM withdrawals from other banks’ ATMs are capped at N100. Naira debit/credit cards incur a quarterly N50 maintenance fee, while foreign currency cards attract $10.
Individual cash withdrawals above N500,000 are charged 3%, while corporate withdrawals above N3 million face 5% charges.
CBN warned: “Any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction.”
The move follows a 17.5 million increase in active bank accounts between December 2021 and 2022, driven by fintech innovations.