The Central Bank of Nigeria, CBN, has during the weekend delivered in a circular that bank customers will now pay a maintenance fee on current account transactions.
According to the circular, the new fee is a negotiable current account maintenance charge not exceeding N1 per mille (N1 per N1,000,000) may be charged in respect of all customer-induced debit transactions.
The circular, which was titled: “Introduction of Negotiable Current Account Maintenance Fee not Exceeding N1/mille”, was issued by the CBN’s Financial Policy and Regulation Department Director Kelvin Amugo.
He said the negotiable current account maintenance fee was in furtherance of the mandate to promote and safeguard a sound financial system.
Amugo 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.