Regulatory Alerts2014-06-12 | FPR/DIR/GEN/CIR/01/008Implementation of the Revised Guide to Bank Charges-Commission on Turnover
The Central Bank of Nigeria (CBN) has issued a circular reminding banks that the maximum Commission on Turnover (COT) for 2014 is N2 per mille, as part of the Revised Guide to Bank Charges. Any excess COT charged since the effective date of the guide should be refunded within thirty days. Additionally, the CBN requires banks to seek prior approval before charging fees not listed in the guide or imposing additional fees on accounts. Failure to comply with these guidelines may result in mandatory refunds.
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