The Central Bank of Nigeria, CBN, in a bid to generate revenue for banks has introduced a maintenance fee of N1 on every current account transaction.
This was contained in a circular signed by the Director of Financial Policy and Regulation of CBN, Kevin Amugo and addressed to commercial banks.
This comes few weeks after the central bank kicked off its Zero COT, commission on turnover, policy for all commercial banks within the country.
CBN said,
“The revised guide to bank charges (RGBC) which came into effect on April 1, 2013 provides for a phased elimination of commission on turnover (COT) charges in the Nigerian banking industry, under the guidelines, a zero COT regime was to come into effect from January 2016.”
The apex bank observed that while COT was gradually phased out, some banks began charging maintenance fee in addition to COT, adding that it was also aware of the impact of dwindling oil prices, Treasury Single Account, TSA, and other market turbulence.
CBN said,
“In the interest of stability, of the banking system, a negotiable current account maintenance fee not exceeding N1.00 per mille (1/N1,000) may be charged in respect to all customer induced debit transaction”.
It would be recalled that the apex bank has equally imposed a stamp duty of N50 on every transaction.
This latest policy of CBN implies that for every N100,000 leaving a current account, deposit money banks are permitted to deduct N100 for account maintenance.
culled:dailypost
Smh
ReplyDeleteCHANGE!
DeleteI have to close mine den
Na wa o. So even you get current account ,no be leg u wan use waka go house for Christmas? I never forget o na 8 thousand.
DeleteUwa ntor.
Yea ntoooor!
Delete*Uwa
DeleteBring back Soludo!!!!
DeleteIt will be a very tough year for a lot of banks this year. Fed.govt revenue account has been moved and COT reduced. Marketer and retail will even visit their village to open accounts,as it is.
ReplyDeleteIs not stealing as as long the money is put to good use.. in the US here, the charge as well for maintenance with my bank... if U strictly hv online banking n uses only ATM or internet for transactions is free...but once a teller assists U or someone goes in d bank to pay in Money to ur account, U are charged...so it happens with banks across d world...y'all can't just hv free banking just like thank.. stop crying us wolfs Nigerians pulizzzz
DeleteRubbish, you cannot compare the states where taxes are utilized to provide certain amenities for the public. Do you also generate your own power, tar your street and put drainage system, get your own borehole and filtration system, pay toll to get through and from work because someone decided the only main road needs a toll on it?
DeleteNegodu ndi oshi
ReplyDeleteCBN with their wahala....
ReplyDeleteHmmmm, Ok ooo! What next!
ReplyDeleteIf Emefiele doesn't know what he's doing there, he should smell out of that office.
ReplyDeleteWhy will the masses have to bear the brunt of governments lavish budget for their useless selves.
There's no money, there's no money but Buhari is sending budget of 800 million for website upgrade to the house. Even more outrageous is the aso rock domestic budget. Thieving old fake man.
They had better respect themselves and start trying to save money by cutting down their ridiculous pay.
Na wa
ReplyDeleteHian!!
ReplyDeleteSo the N50 no do them?
ReplyDeleteIt's obvious,this cbn gov must be stark mad.
ReplyDeleteHave banks generated revenue enuf,d daily 65n deduction from atm isn't enuf huh?
Is ds 1n inclusive of d outrageous 50n charges he stated or different from that?
Buhari better do something concerning this thieving cbn gov of his
The 50 naira is different.. And 50 naira was per any transaction.. Whether 1000 or 1million sent to your account, 50 naira goes off
DeleteNow this 1 naira is per every 1000. So that means if you 100k goes out of your account they charge you 100 naira. Which is even worse.. For those having millions going out of their account, it will hit them hard
It will be better for them to return cot. Because cot was better for me. No matter my monthly turn over, they remove 3500 from my account.. Now it will be more than my cot
This is stealing in broad daylight...God help Nigeria
ReplyDeleteIs not stealing as as long the money is put to good use.. in the US here, the charge as well for maintenance with my bank... if U strictly hv online banking n uses only ATM or internet for transactions is free...but once a teller assists U or someone goes in d bank to pay in Money to ur account, U are charged...so it happens with banks across d world...y'all can't just hv free banking just like thank.. stop crying us wolfs Nigerians pulizzzz
DeleteMay God help us in this country.
ReplyDeleteNigerians will soon start protesting,this is rubbish,rubbing apeter to pay Paul,all the billions they stole is not enough for them,they want to use the little the poor masses are making to make up,God pls save us from the old man Bukharin.
ReplyDeleteNigerians will soon start protesting,this is rubbish,rubbing apeter to pay Paul,all the billions they stole is not enough for them,they want to use the little the poor masses are making to make up,God pls save us from this old man Buhari.
ReplyDeleteSo in effect, if I transact at said amount, I will not only pay 50.00 but 100.00 will be deducted too? Indirectly they removed salary holders of 50.00 and doubled it back. This CBN happens to be the worst ever seen so far. Well lets see how long he can maintain this. I am sure by the end of the month, he will spring up another fee. This one never do am yet. Corporate Thieves
ReplyDeleteDoes it apply to account to account transfer biko. This manno go finish us before e comot power. Meanwhile they will be using our money to gallivant upandan, to the detriment of the struggling citizens.
ReplyDeleteThis cbn gov wants to milk us dry...*sadface*
ReplyDeleteI have never seen a more confused CBN Governor! Changing policies like wrapper yet none seem to be working.
ReplyDeleteBring back COT please
ReplyDelete1 naira for 1000
That means means those with monthly transaction of 4million will pay 4000
My account runs in a monthly limit of 7million so that means I pay 7000.. Against my cot charge that was 3500.. No I don't want this
Bring back cot cbn
I don't want this
If my monthly limit expands so my charges will expand. No way..
This isn't change
This is hardship
The government keep bringing out stiff measures to suffer the masses who didn't spend or launder government money
Is not stealing as as long the money is put to good use.. in the US here, the charge as well for maintenance with my bank... if U strictly hv online banking n uses only ATM or internet for transactions is free...but once a teller assists U or someone goes in d bank to pay in Money to ur account, U are charged...so it happens with banks across d world...y'all can't just hv free banking just like thank.. stop crying us wolfs Nigerians pulizzzz
ReplyDeleteWhat's actually wrong wit dis Govt n nobody seems to b criticising them, why aren't cutting down their allowances
ReplyDeleteThis is d change you all voted for so please stop complaining! Nigerians smh!
ReplyDeleteIt is amazing that many of SDK's so called BVNs are so uninformed. Was COT not N5 per mille a couple of years ago? Now it is N1 per mille and you are complaining. Even Stella does not understand. SMH.
ReplyDeleteStory
DeleteI pay 3500 cot every month end
That's a fixed amount for my monthly turn over with Diamond Bank
So now with this new law I'll be paying more than that a month
So miss me with the bullshit
It's so obvious that Emefiele the CBN governor is so clueless as to how to run the apex bank. Buhari, pls, replace this man already. Ha! What nonsense. I knew he won't bring anything good to the table right from day one that he was appointed. We need a more seasoned economist who knows his onion biko.
ReplyDeleteU all voted change
ReplyDelete123 comment 2016
Hmmmm....some people will soon go back to digging holes and hiding money until ds government sort out their confusion
ReplyDelete