CBN Publishes Exposure Draft On Bank Charges

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The Central Bank of Nigeria (CBN) has released the exposure draft of the revised guide to bank charges. The bank upheld zero commission on turnover and the newly introduced one Naira per mile maintenance fee.

The exposure draft proposes 50 naira monthly local debit card maintenance fee per annum against the current 100 naira per annum being charged while foreign currency denominated cards are to be charged N4,200 per annum.

According to a circular signed by the Director, Financial Policy and Regulation Department, Mr Kevin Amugo, the review aims to ensure that the provisions of the guide is in line with current realities.

The apex bank also says the review will address complaints from depositors, requests for clarification on the provisions of the guide and absence of a tariff regime for other financial institutions.