CBN Introduces Negotiable Current Account Maintenance Fee Not Exceeding N1/mille

share on:
cbn

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.

Current Account Holders
CBN Circular Announcing New Charges For Current Account Holders In Nigeria

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.

READ ALSO: Economic Crisis: Nigerian Banks Begin To Charge N50 Stamp Duty On Customers

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.

READ ALSO: CBN Speaks On Stamp Duty Imposed On Nigerian Bank Customers | N50 Is Per Transaction Not Per N1000

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.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

Leave a Reply