Breaking: CBN Introduces new Charges for bank Customers Using USSD code

Breaking: CBN Introduces new Charges for bank Customers Using USSD code

- A new charges for USSD transactions has been introduced by the Central Bank of Nigeria

- The apex bank in a statement noted that customers will now be charged a fee of N6.98 per transaction

- CBN declared that the new charge will take effect from Tuesday, March 16

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The Central Bank of Nigeria (CBN) on Tuesday, March 16, introduced a new charge of N6.98 for every Unstructured Supplementary Service Data (USSD) service.

This was made known in a joint statement released and signed by CBN's acting director, Corporate Communications, Osita Nwanisobi, and Nigerian Communications Commission (NCC) director, public affairs, Ikechukwu Adinde.

According to the apex bank, the new charge which replaces the current per session billing structure takes effect from Tuesday.

Breaking: CBN Introduces new Charges for bank Customers Using USSD code
CBN has introduced a flat fee of N6.98 for each USSD transaction. Photo credit: PHILIP OJISUA
Source: Getty Images

It was gathered that this development was part of the agreement reached between banks and telecommunication operators after they met to discuss the N42bn debt owed by financial institutions.

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The new USSD charges will be collected on behalf of Mobile Network Operators directly from customers’ bank accounts to promote transparency.

The statement added that banks will not impose additional charges on customers for the USSD service.

Meanwhile, reported that the Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, said she would meet with the governor of CBN, Godwin Emefiele, to discuss the country's multiple exchange rate regime.

Okonjo-Iweala said members of WTO are complaining of Nigeria's multiple exchange rates regime, which has split foreign exchange in three different ways, as the CBN rate, investors window rate, and the parallel market have different price exchanges.

After her meeting with President Buhari, she told the press of the concern raised by other countries regarding a change in the forex policy of Nigeria.

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Oluwatobi Bolashodun is a journalist with six years of working experience in the media industry. She graduated from Babcock University in 2012 with a Bachelor’s Degree in Mass Communication. Oluwatobi is a Current Affairs Editor, mostly writing on political, educational, and business topics. She uses her team spirit to encourage others to work hard.


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