Region

Jurisdiction

Regulator

2016-01-21

FX Code Self-Assessment Template

In a circular dated January 20, 2016, the Central Bank of Nigeria (CBN) introduced a zero Commission on Turnover (COT) regime in the Nigerian banking industry. Banks are allowed to charge a Negotiable Current Account Maintenance Fee not exceeding N1 per mille for all customer-induced debit transactions, as part of promoting financial stability. The previous COT charges should be eliminated under this new policy, with strict compliance enforced.

Kenya

Central Bank of Kenya