CBN Introduces Negotiable Current Account Maintenance Fee

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Friday, January 22, 2016 11:52 AM / CardinalStone Research

The Central Bank of Nigeria has issued a circular to Deposit Money Banks introducing a negotiable current account maintenance fee not exceeding N1.00 per mille (per N1000) charged in respect of all customer induced debit transactions.

 

This follows from the implementation of the 2016 zero COT regime as the CBN maintains that it is not oblivious to the impact of current market turbulences on the stability of the banking system.

 

Accordingly, the charge will help cushion the impact of declining crude oil prices, the operation of the treasury single account and overall hostile market activity.

 

NB: Maintenance fees are traditionally  fees that are paid to maintain a granted patent in force.

 

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