CBN announces new charges for current account holders
The Central Bank of Nigeria (CBN) has given banks approval to charge maintenance fees on current account transactions. The circular was issued by Kelvin Amugo, the director, CBN’s financial policy and regulation department. This implies all debit transactions done by current account holders would attract charges not exceeding N1 per mile (N1 per N1,000) . For instance, […]
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The Central Bank of Nigeria (CBN) has given banks approval to charge maintenance fees on current account transactions.
The circular was issued by Kelvin Amugo, the director, CBN’s financial policy and regulation department.
This implies all debit transactions done by current account holders would attract charges not exceeding N1 per mile (N1 per N1,000) .
CBN governor, Godwin Emefiele
For instance, on a N100,000 debit transactions via a current account, banks are now officially obliged to charge N100 for account maintenance.
The new charge is in furtherance of the mandate to promote and safeguard a sound financial system.
Few weeks ago, the regulatory body scrapped Commission On Transaction (COT) in accordance with the 2016 zero COT regime as jointly agreed during the 311th Bankers’ Committee meeting of February 12, 2013.
While this was being implemented, the CBN noted that some banks still charge account maintenance fees.
The regulatory body however, reinstated that the zero COT 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.
A copy of the circular:
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