Regulatory Alerts2016-01-21
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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.
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