The
Central Bank of Nigeria (CBN) is proposing a N50 charge on every cheque
leaflet obtained and used at the deposit money bank's counter.
The Central Bank of Nigeria (CBN) is proposing a N50 charge on
every cheque leaflet obtained and used at the deposit money bank’s
counter.
This is not the same as the collection charge on cheques, which is also proposed to be “one percent of cheque value or Naira equivalent of US $10 whichever is lower”.
The apex bank is also proposing a N100-per-month charge on every
debit card (your typical ATM card) – separate from the existing N65
charge after the third withdrawal within the same month.
In its draft on the “guide to charges for banks and other financial institutions in Nigeria”, CBN also proposed a N4,200-per-annum charge on foreign currency denominated cards as maintenance fee.
For naira dominated cards, a monthly maintenance fee of N100 was
also proposed for every month a debit card is used, and a N50 charge for
other months when card is used or not.
The proposal is coming only 13 days after Nigerians protested excessive bank charges, declaring a ‘No Banking Day’ on March 1, 2016.
For foreign exchange related transactions, where Form M or Form A
is needed to request forex from CBN, charges that were hitherto not
applicable have now been proposed.
The CBN is proposing a charge of a N100 on Form A, which is used by
students to apply for forex on school fees, medical bills, and travel
allowances.
Form M, which is predominantly used by manufacturers to import
goods (not on the CBN prohibition list), is proposed to henceforth cost “N1,000 in addition to maintenance fee on e-Form platform in line with CBN directive”.
The central bank also added that Nigerians could send in their
comments on the proposed charges, seeking clarification and notifying
the bank on excluded financial institutions.
“The Central Bank of Nigeria is currently reviewing the extant Guide to Bank Charges, which came into effect on April 1, 2013,” the circular, signed by Kevin Amugo, director financial policy and regulation department, read.
“The review, which is in line with the philosophy of
periodically ensuring that the provisions of the guide accord with
current realities, also seek to address complaints from customers of
financial services, requests for clarification on provision of the guide
and absence of a tariff regime for other financial institutions in
Nigeria.
“Kindly send hard copies of your comments by March 29, 2016 to
the director, financial policy and regulation department with soft
copies mailed to gbcreview@cbn.gov.ng.”
It was revealed that deposit money banks currently charge an average of N1,500 for the issuance of a 50-page cheque book.