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Five bank charges offically approved by CBN

In recent times, the Central Bank of Nigeria (CBN) made moves to regulate fees being charged by banks in the country.

The regulatory body issued several circulars giving instructions on fees Nigerian banks can level on their customers.

CBN governor, Godwin Emefiele

CBN governor, Godwin Emefiele

These are most recent charges officially approved by the bank  as compiled by the Nigerian Bulletin:

 1. Current Account Maintenance Fee

This is the most recent of all the charges approved by the the Central Bank of Nigeria.

The CBN issued a circular signed by Kelvin Amugo, the director, CBN’s financial policy and regulation department.

READ ALSO:Read CBN’s decision on Naira exchange rate 

By the new directive, Banks are obliged to charge a negotiable current account maintenance fee not exceeding N1.00 per million on all customer-induced debit transactions.

This implies all debit transactions done by current account holders would attract charges not exceeding N1 per mile (N1 per N1,000)

2. The N50 Stamp Duty per Transaction

In bid to explore more non-oil revenue, the CBN also directed all DMBs to start charging N50 per transaction.

The CBN, empowered by the stamp duty acts would collect the fees on behalf of the fedral government.

3. N100 e-DMMS Application fee:

To reduce the incidence of unclaimed dividend in the Nigerian Capital Market, the Securities & Exchange Commission in conjunction with the CBN and NIBSS in July 2015 launched an e-dividend Mandate Management System.

READ ALSO: Foreign Exchange Crisis Hits Nigerian Banks

On 30th November 2015, the Securities & Exchange Commission instructed all investors to register for e-dividend within 90 days after which the an application fee of N100 will take effect.

4. N65 ATM Withdrawal Charges:

The CBN re-introduced the fee on third withdrawal on other banks ATMs.

5. NSE/CSCS Trade Alert:

In 2014, the Nigerian Stock Exchange introduced the X-Alert notification which charges a flat rate of N4 per transaction as against the scrapped system where 0.06 percent of every trade on the Exchange was charged as the cost of notification.

Few weeks ago, the CBN scrapped Commission On Transaction (COT) in accordance with the 2016 zero COT regime as jointly agreed during the 311th Bankers’ Committee meeting of February 12, 2013.

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