The Central Bank of Nigeria (CBN) has proposed
a N100 monthly charge on every ATM card nationwide – The new charge is
different from the existing N65 charge – The apex bank is also
proposing a N50 charge on every cheque leaflet obtained and used at the
deposit money bank’s counter.

The Central Bank of Nigeria (CBN) has proposed a N100 monthly charge
on every debit card (ATM card) in the country. The new charge is
separate from the existing N65 charge after the third withdrawal within
the same month. A monthly maintenance fee of N100 was also proposed
every month for a naira dominated debit card when used, and a N50 charge
for other months when the card is used or not.
In its draft on the “guide to charges for banks and other financial
institutions in Nigeria”, CBN has also proposed a N4,200-per-annum
charge on foreign currency denominated cards as maintenance fee. The
apex bank has also proposed a N50 charge on every cheque leaflet
obtained and used at the deposit money bank’s counter, The Cable
reports. 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 circular, signed by Kevin Amugo, director financial policy and
regulation department, stated: “The Central Bank of Nigeria is currently
reviewing the extant Guide to Bank Charges, which came into effect on
April 1, 2013,” “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.” The new charge is coming days after Nigerians
protested excessive bank charges, declaring a ‘No Banking Day’ on
Tuesday, March 1.
Source: Naij.com

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