Customers laud CBN’s move to slash bank charges
CBN

Bank customers in Kano on Monday commended the Central Bank of Nigeria (CBN) for reviewing downward its policy on bank charges on Sunday.

Some of the customers who spoke to the News Agency of Nigeria (NAN) on Monday in Kano, expressed happiness over the announcement of the policy.

Malam Usman Baffa, a trader at Kwari market in the metropolis, told NAN that the previous charges were indeed not favourable, but they could not help the situation.

Mrs Amina Usman, a civil servant in Kano, also said that salary earners have suffered long queues to withdraw from their mother banks to avoid excess charges.

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She explained that although the charges were in bits, but they accumulated when many withdrawals were made.

Another trader, Muhammad DanAli, also commended CBN for reducing the charges “at a time when people are in difficult financial state.”

He added that: “A difference of N30 from a single transaction isn’t a joke. We are grateful for the reduction. We earlier assumed and complained that many policies favoured the banks.”

NAN reports that the CBN on Sunday released revised guidelines to Bank charges, mandating banks to charge N35 for cash withdrawals from other banks’ Automated Teller Machines (ATMs).

This represents a reduction of N30 from previous N65 after a third withdrawal within a month. (NAN)

VANGUARD

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