2016-01-21 | FPR/DIR/GEN/CIR/01/003

Introduction of Negotiable Current Account Maintenance Fee Not Exceeding N1/Mile

The Nigerian Central Bank (CBN) has enforced a zero Commission on Turnover (COT) regime in the banking industry since January 2016, as agreed upon at the 311th Bankers' Committee meeting. To maintain financial stability, banks are allowed to charge a maximum of N1 per mille for Negotiable Current Account Maintenance Fee on all customer-induced debit transactions, effective from the same date. Strict compliance is required.

Nigeria

Central Bank of Nigeria

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