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The Central Bank of Nigeria (CBN) has announced a review of transaction fees for automated teller machines (ATMs) across the country. In a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, on Tuesday, the CBN stated that the revised charges will take effect from March 1. According to the apex bank, the review aims to address rising operational costs and enhance efficiency within the banking sector. The last time ATM transactions charges were reviewed was in 2019, when the CBN reduced the withdrawal fees from ₦65 to ₦35. The Central Bank of Nigeria (CBN) has announced a review of transaction fees for automated teller machines (ATMs) across the country. In a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, on Tuesday, the CBN stated that the revised charges will take effect from March 1. According to the apex bank, the review aims to address rising operational costs and ...

The Central Bank of Nigeria has directed all banks and other financial institutions to transfer all dormant accounts, unclaimed balances and other financial assets to its dedicated account. The apex bank made this known in a circular released on Friday and signed by its acting Director of the Financial Policy and Banking Regulation Department, John Onojah. According to the CBN, all dormant accounts and unclaimed balances with banks for at least 10 years will be warehoused in a dedicated account known as the Unclaimed Balances Trust Fund Pool Account. The apex bank added that the funds from dormant accounts, unclaimed balances may be invested in Nigerian Treasury Bills and other government securities. The CBN, however, said the new guidelines which is a review of the guidelines issued in October 2015, exempted dormant accounts, and unclaimed balances under litigation and investigation. igerians, says Cardoso The guideline reads, “CBN shall treat unclaimed balances (dormant a...