2004-06-02 | TED-AD-50-2004

The Need to Adhere to the Agreed Lending Rates and Other Charges as Provided in the Guide to Bank Charges

This circular addresses banks' need to follow the agreed lending rates and other charges as provided in the Guide to Bank Charges. A reminder was issued after observing some banks violated this guideline by excessively charging above the agreed rate. Banks are required to strictly adhere to these guidelines, with violators facing refunds of excess charges, penalties, and potential regulatory sanctions. Additionally, banks need to review their personnel costs to reduce overhead expenses, which will be effective immediately, as per the April 20, 2004 Bankers' Committee Meeting agreement. O.I. Imala, Director of Banking Supervision.

Nigeria

Central Bank of Nigeria

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