The Central Bank of Nigeria (CBN) have introduced yet another policy that affects Nigerian bank current account holders termed ‘current account maintenance fee’. it will be at most One Naira per every One Thousand Naira spent from your current acc ount. Continue reading
The Central Bank Of Nigeria has directed Nigerian Banks to implement the “stamp duties” with immediate effect. According to BN, “the FG is on a ‘revenue generation drive’. This will be part of many efforts to boost the Federal Government’s revenue base. As you are aware, oil prices (our major source of revenue) have been falling steadily for several months. This means that You, as the recipient, will be charged 50 Naira for receiving a transfer of over 1,000 Naira – electronically or via a bank teller. Continue reading
The Central Bank of Nigeria (CBN) has lifted the ban on foreign currency deposits into domiciliary accounts. The directive was given late yesterday and banks began communicating with their customers late last night.
GTBank shared this email; Continue reading
Effective from last week Friday, January 1, 2016, Nigerian banks are expected to charge nothing as Commission on Turnover (CoT) according to the gradual phase out plan of the Central Bank of Nigeria (CBN). The CBN in April 2013 had revised the guidelines on bank charges, introducing the gradual phasing out of commission on turnover. Continue reading
The Central Bank of Nigeria, today ended its monetary policy committee meeting with a resolution to reduce the Monetary Policy Ratio from 13% to 11%. The cash reserve ratio for public and private sectors was also reduced from Continue reading