New CBN policy allows banks to deduct N1 per N1000 on current account transactions

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CBN Governor, Godwin Emefiele

The Central Bank of Nigeria after clearing the public’s doubts and speculations surrounding the N50 stamp duty charge has once again introduced a new policy.

The new policy places a maintenance fee of not exceeding N1.00 per mille (N1/N1,000) on current account transactions.

The new policy was revealed in a circular signed by the Director, Financial policy and regulations department of the Central Bank of Nigeria, Kevin Amugo. The circular which was dated 20th January and addressed to commercial Banks comes some weeks after the CBN cancelled it’s Zero Commission On Turnover (COT) policy for all commercial Banks operating within the country.

“In the interest of stability, of the banking system, a negotiable current account maintenance fee not exceeding N1.00 per mille (1/N1,000) may be charged in respect to all customer induced debit transaction” said the CBN which translates that commercial Banks will henceforth take N1.00 and it’s multiple for bank transactions of N1,000 and it’s multiple for current accounts. Further stating that the CBN is also aware of the effects of dwindling oil prices, Treasury Single Account (TSA) and other market turbulence.

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