CBN Cuts Fees: Five Everyday Bank Services Nigerians Can Now Access for Free

The Central Bank of Nigeria has revised its Guide to Charges for banks and other financial institutions. Effective May 1, 2026, the new rules aim to curb hidden fees, boost transparency and deepen financial inclusion in Nigeria. Under the updated policy, fees for several routine services will be reduced or eliminated. Millions of customers and small businesses will benefit from no-cost ATM withdrawals at their own bank’s machines, free electronic statements, waived account opening fees, lower charges on small-value transfers and zero fees on balance inquiries. Industry observers say this directive will ease the burden of banking costs and encourage more Nigerians to embrace formal financial services.

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