The Central Bank of Nigeria (CBN) is proposing
a N50-per-leaflet 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.”
Checks by TheCable revealed that deposit money
banks currently charge an average of N1,500 for
the issuance of a 50-page cheque book.