The Central Bank of Nigeria (CBN) has introduced a new Guide to Charges by Banks and Other Financial Institutions, set to take effect on May 1, 2026. The updated rules are aimed at reducing banking costs, improving transparency, and making financial services more accessible to customers.
- Reactivating or closing an account
Banks can no longer charge customers for reactivating a dormant account. This means if your account has been inactive for a while, you can bring it back to use without paying a fee. - Monthly statement of account
Customers will now receive their monthly statement of account free of charge. However, if you request a printed statement in a special format or in a way that is different from the normal agreed method, the bank may charge up to N20 per page. - Small inter-bank transfers
To encourage digital payments, the CBN has removed fees on small electronic transfers. Transactions between N0 and N5,000 are free, while transfers between N5,000 and N50,000 will attract a capped fee of N10. - Using your bank’s ATM
If you withdraw cash from an ATM belonging to your own bank, there will be no fee. The same applies to non-cash transactions at that ATM, such as intra-bank transfers. - Virtual cards and PIN services
Banks must now issue virtual cards at no cost. Customers will also no longer pay for PIN re-issues or PIN resets, making digital banking and account security easier to manage. - Why it matters
These changes are expected to lower everyday banking costs for millions of Nigerians. They also encourage more people to use formal banking channels and digital payment systems, which supports financial inclusion. - In simple terms
The new CBN guide means customers should pay less for basic banking services, especially for account maintenance, small transfers, ATM use, and digital banking tools.
