Commercial deposit banks in Nigeria typically impose fees for a variety of services, some of which may go unnoticed by customers. If you’re curious about these charges, this article details the complete list of bank fees approved by the Central Bank of Nigeria (CBN).
What You Need to Know About CBN Bank Charges
On March 1, 2020, the CBN implemented a new regime governing banking charges for services rendered to customers. Following the third withdrawal from an Automated Teller Machine (ATM) within a month, the CBN directed banks to start deducting withdrawal fees.
In addition to ATM withdrawal fees, there are various other deductions applicable to both savings and current account holders in Nigeria. Many bank customers have expressed frustration over these high charges, perceiving them as unjust financial practices by banks and the CBN.
Overview of the New CBN Approved Bank Charges
According to the latest CBN guidelines, here are the key changes to bank charges:
- Transactions below ₦5,000: Maximum fee of ₦10.
- Transfers between ₦5,000 and ₦50,000: Charge of ₦25.
- Transfers over ₦50,000: Charge of ₦50.
- Current account card maintenance fee: Eliminated, as accounts already incur maintenance fees. Savings accounts will now be charged a quarterly card maintenance fee of ₦50 instead of ₦50 monthly.
- Annual card maintenance for foreign currency cards: Reduced from $20 to $10.
- ATM fees: Reduced to ₦35 from ₦65 after the third withdrawal in a month.
- Hardware token charge: Capped at ₦2,500 for cost recovery, down from ₦3,500.
- SMS alert fees: Now based on cost recovery, previously capped at ₦4.
- E-channel bill payments: Maximum charge of ₦500, based on 0.75% of transaction value, up to ₦1,200.
Full List of Bank Charges in Nigeria by CBN (2025)
Here is a detailed list of the bank charges sanctioned by the CBN:
Current Account Maintenance Fee (CAMF)
- Applicable only to current accounts for customer-initiated debit transactions to third parties.
- Not applicable to savings accounts.
- Charge is negotiable but cannot exceed ₦1 per mille.
Internet Banking
- Hardware Token: Maximum charge of ₦2,500 for cost recovery.
- Software Token (One-Time Password): No charge; charges apply if delivered via SMS.
- Replacement of Hardware Tokens: Cost recovery capped at ₦2,500 for loss or damage.
- Bill Payments: Negotiable, limited to ₦500 per beneficiary.
Electronic Funds Transfer
- Below ₦5,000: ₦10
- ₦5,001 – ₦50,000: ₦25
- Above ₦50,000: ₦50
Card Maintenance
- Foreign Currency Debit/Credit Cards: $10 per year (or equivalent).
- Naira Debit/Credit Cards:
- No charge for cards linked to current accounts.
- ₦50 per quarter for cards linked to savings accounts.
Credit Card Charges
- Issuance Fee: ₦1,000 (one-off charge).
- Reissuance Fee (lost or damaged cards): ₦1,000 (one-off charge).
- Renewal Fee: ₦1,000 (when cards expire).
- Interest Rates: Negotiable.
Approved Charges for Debit Cards
- Issuance Fee: ₦1,000 (one-off charge).
- Remote-On-Us (another bank’s ATM): Maximum of ₦35 after the third withdrawal in a month.
- Replacement Fee: ₦1,000 (one-off charge).
- Renewal Fee: ₦1,000 (when cards expire).
Prepaid Card
- No charges for loading or unloading.
ATM Transactions
- On-Us (issuing bank’s ATM): No fee.
- Not On-Us (other bank’s ATM): ₦35 after the third withdrawal in the month.
- Withdrawals from international ATMs: Per exact cost by international acquirer.
Merchant Service Commission (MSC)
- General Merchant Transactions: 0.50% of transaction amount, capped at ₦1,000.
- Bulk Payments: Negotiable up to ₦15 per beneficiary.
Issuance of Statement of Account
- Monthly statements for current and savings accounts are free.
- Special requests for statements: Maximum ₦20 per page.
Transaction Alerts
- SMS Alert: Mandatory; no charge for bank-induced transactions.
- Email Notifications: No charge.
Miscellaneous
- No charge for reissuing or resetting a PIN.
- USSD usage is subject to current NIP costs.
- Account reactivation is free.
- No fee for closing any accounts (savings, current, or domiciliary).
What Happens If Your Bank Defaults
Under the new CBN-approved bank charges, any breach by banks will incur a fine of ₦2 million per violation. Customers are encouraged to report any unfair practices or discrepancies to the Central Bank of Nigeria.
This overview provides essential information about the bank charges in Nigeria as approved by the CBN. Feel free to share your experiences with bank charges in the comments about approved list of bank charges
