Connect with us

News

CBN slashes ATM withdrawal, bank charges The new rates

Published

on

ATM Withdrawals Charges

 

The Central Bank of Nigeria (CBN) has announced a downward review of charges and rates on ATM withdrawal and inter-bank transfer fees for electronic banking transactions.

According to CBN, the Standing Order charge for intra-bank will be free instead of the N300 contained in the 2017 guideline.

CBN with regards to interbank transfers reduced the charges to a maximum of N50 per transaction compared to the N300 held in 2017.

Bills Payment (including bills payment through other e-channels) is negotiable, subject to a maximum of N500 per beneficiary payable by sender, a review from the N1,200 or 0.75 per cent for a biller or merchant to pay.

Electronic funds transfer has also been reviewed downwards to N10 charge for a transaction below N5000; N26 for transaction of N5001 to N50,000 while transactions above N50,000 will be charged N50.

Withdrawals on other banks’ ATMs have been reduced from N65 to N35 after the third withdrawal within the same month.

See also  Cash crunch: Buhari unwilling to call Emefiele to order - NEF

The CBN also reduced ATM bill payments charge from N100 to N50.

Debit card maintenance charges that were N100/month have been removed in the new guideline.

The apex bank made the announcement on Friday, Jan 28, 2022, via a circular by Chibuzor Efobi, the Director, Financial Policy and Regulation Department, titled “RE: GUIDE TO CHARGES BY BANKS, OTHER FINANCIAL AND NON-BANK FINANCIAL INSTITUTIONS”.

The new guideline applies to financial and non-financial institutions under its licence or regulatory purview.

The guide states that the banking sector regulator has slashed the charges on some transactions including Standing Order Charge (In-Branch); ATM Maintenance fees; electronic fund transfers and bulk payments among others.

In 2019, the CBN announced a reduction of all bank charges, with some getting more than 50 per cent cut, which took effect from January 1, 2020.

According to the apex bank, the decision, which came amid public outcry against multiplicity and value of the charges, was aimed at making financial services more accessible and affordable to various stakeholders in the economy.

See also  Nigeria among top destinations for future investments in sub-Saharan Africa - KPMG

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Ogbomoso pupils, teachers rescue a big relief to Nigeria – Tinubu

Published

on

By

President Bola Tinubu on Friday evening said the rescue of the abducted pupils and teachers from schools in Oriire LGA of Oyo state has brought relief to the entire nation.

The president’s special adviser on information and strategy, Bayo Onanuga, said in a statement that Tinubu “expressed profound joy” over the successful rescue of the victims.

Onanuga said the president commended the military, the Department of State Services (DSS), and the police “for working round the clock in the last 56 days to secure the release of the abducted children and their teachers without any collateral damage and for arresting eight of the abductors and neutralising others.”

Onanuga said Tinubu also expressed regret over the suffering endured by the children, their teachers, their families, and the nation since the abduction.

The president praised the Oyo state government for working closely with the federal government throughout the rescue operation and urged the state to strengthen security around schools.

See also  There were lots of manipulations, fraudulent approvals under Buhari, says ex-minister, Shittu

“I am profoundly happy that our security forces successfully rescued the abducted pupils and teachers from Orire, Ogbomoso in Oyo State today after a military, police and intelligence-driven operation that neutralised some of the terrorists that perpetrated the evil act and the arrest of eight of them,” the statement reads.

“This successful military operation has ended the siege and standoff of over 50 days and has brought relief to the entire nation and the affected families in particular. 

“On behalf of the country, I express my gratitude to the officers and men of our armed forces, the intelligence agencies and the police for the safe rescue of the children and their teachers.

“My government will get justice for these children and their teachers and for the family of Mr Oyedokun, who the terrorists gruesomely murdered.

“I must commend the government of Oyo State for working cooperatively with us in bringing this unfortunate incident to a successful end.”

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: NLC president blames government policies for economic hardships

The president also directed emergency agencies to work with the Oyo state government to provide the rescued children and teachers with all necessary medical care and relief support.

According to reports, the pupils and their teachers were rescued during a joint operation involving personnel of the Nigerian Army and the police, backed by intelligence from the DSS.

A security source said at least nine of the bandits were killed during the operation, while eight were arrested and are in the custody of the DSS.

Continue Reading

News

Makinde thanks Tinubu over rescue of abducted Ogbomoso pupils, teachers, says it’s a big relief

Published

on

By

Governor Seyi Makinde of Oyo state has said that he is overjoyed following the rescue of pupils and teachers abducted in Oriire LGA of the state.

The victims regained their freedom on Friday after spending 56 days in captivity, following a coordinated operation involving the military, the Department of State Services (DSS) and the police.

Speaking with Channels Television shortly after the rescue, Makinde described the development as a huge relief for the state.

He thanked President Bola Tinubu for pushing for their release.

“It is such a big relief for all of us. Just right now, I am overjoyed and can hardly say much,” the governor said.

“I use this opportunity to say a big thank you to all the service commands, the police, DSS, military and, of course, the president for pushing for their release.”

On May 15, gunmen attacked Baptist Nursery and Primary School, Yawota; Community Grammar School, Esiele; and LA Primary School in Ogbomoso, all in Oriire LGA.

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: CBN bars bank customers without BVN, NIN April

The sad incident prompted the Oyo state government to shut schools in four LGAs as security agencies intensified rescue efforts.

Protests were organised in some parts of the country to demand the rescue of the abducted schoolchildren.

On May 18, Makinde said one of the teachers abducted during the attack was killed in captivity.

Continue Reading

News

Eight kidnappers arrested, others killed – Presidency

Published

on

By

Following the heart-warming news of the rescue of the pupils and teachers abducted in Orire Local Government Area of Oyo State, the Presidency has confirmed that eight of the kidnappers have been arrested and are now in the custody of the Department of State Services, while some others were neutralised during the operation.

Bayo Onanuga, special adviser to the president on information and strategy, disclosed this in a follow-up post on his verified X handle on Friday after he announced the victims’ release.

Onanuga said no concession was made to the terrorists to secure the freedom of the abducted pupils and teachers.

Onanuga explained that the kingpin whose release the kidnappers had demanded was neither freed nor spared, as he remains under prosecution for offences linked to his terrorist activities.

He wrote, “Updated: in the course of the rescue operation, eight of the kidnappers were arrested and are now in DSS custody, while some of them were neutralised.

See also  TB Joshua: His battles, victories

“There was no quid pro quo in the rescue as one of the terrorists, a kingpin, that the kidnappers demanded his release, is being prosecuted for his atrocities. The security agencies will give full account soon.”

He added that security agencies would soon provide a comprehensive account of the operation.

The pupils and teachers had spent weeks in captivity after gunmen stormed three schools in the Esiele and Yawota communities of the local government area on May 15, killing a teacher and later beheading another in a video that sparked national outrage.

Continue Reading

Trending News