CBN Announces Fresh Charges on Transactions Above ₦10,000; Gives Reason

The Central Bank of Nigeria (CBN) has introduced a major review of bank transfer charges aimed at making cashless payments cheaper for millions of Nigerians, especially those making small and frequent transactions, as reported by Legit.

Under a draft guide to charges for banks and other financial institutions, transfers below ₦5,000 will attract no transaction fee, while interbank transfers between ₦5,000 and ₦50,000 will now cost a flat ₦10.

Transfers above ₦50,000 will remain capped at ₦50, marking one of the biggest pricing changes in Nigeria’s digital payments space in the last six years…CONTINUE FULL READING>>>