Dr Godwin Emefiele -The Central Bank of Nigeria Governor.

The Central Bank of Nigeria Governor, Dr Godwin Emefiele has announced the reduction in withdrawal charges and other types of transfer.

Driving The News. 
In a guide issued by the apex bank to financial and non-financial institutions in Nigeria, the Central Bank of Nigeria has ordered banks to charge customers N35, no more N65, after the third withdrawal in the same month. It also reduced the fee for inter-bank transfer from N300 to N50 per transaction.

CBN also ordered that, charges for intra-bank transfer would be free effective immediately. The apex bank also made the following changes: they reduced electronic funds transfer to N10 for N5000, N26 for N5001 and N50 for N50,000 and above. 

Stating the reason for these reductions, the Director, Financial Policy and Regulation Department, Chibuzor Efobi, said that this complies with the evolution of financial institutions over the last couple of years.

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