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Introducing of New Charges for Current Account Holders in Nigeria by CBN

The Central Bank of Nigeria, CBN, has
announced that bank customers are now
mandated to pay a maintenance fee on current account transactions.
The new fee is a negotiable current account
maintenance fee not exceeding
N1 per mille
(N1 per N1,000,000) may be charged in
respect of all customer-induced debit
transactions, a circular from CBN’s Financial
Policy and Regulation Department Director
Kelvin Amugo, said.
In the circular titled: “Introduction of
Negotiable Current Account Maintenance Fee
not Exceeding N1/mille”, Amugo said the
negotiable current account maintenance fee was
in furtherance of the mandate to promote and
safeguard a sound financial system.
He reminded lenders that 2016 zero COT regime
as jointly agreed during the 311th Bankers’
Committee meeting of February 12, 2013 had
come into effect and must be complied with.
“The CBN noted that while the gradual phase
out was being observed, some banks continued
to charge account maintenance fees in addition
to the reduced COT rate, which in effect
amounted to double coincidence of charges,” he
said.
The fee came weeks after the regulator struck
out Commission on Transaction (COT) fee,
which contributed significantly to lenders’
profitability.

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