According to the charges made by the CBN, bank customers will henceforth pay N10 for each electronic transfer below N5,000, and N25 for electronic transfer between N5,000 and 50,000.

The new rule states that electronic transfer above N50,000 will be at the cost of N50.

The Central Bankof Nigeria on Sunday reduced the withdrawal fee charged for the use of other banks' Automated Teller Machines from N65 to N35.

The N35 ATM fee according to the CBN should be imposed on customers after the third withdrawal within one month.

The new directive is part of the major highlights of the new Guide to Bank Charges released by the CBN on Sunday.

It also removed card maintenance fee on all cards linked to current accounts and also asked banks to charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfer or lodgments to the customers' account in other bank on current accounts only.