CBN issues new guidelines to bank on charges

The Central Bank of Nigeria (CBN) has issued the new Guide to Charges by Banks and Other Financial Institutions in Nigeria. understands that the new guideline signed by Chibuzo Efobi for CBN Director, Financial Policy and Regulation Department, showed a downward review for electronic banking transaction charges to align with market developments.

The new Guide includes;

• Downward review of charges for electronic honking transactions;
• Review of other bank charges to align with market developments: and
• Inclusion of new sections on Accountablity/liesporgiblity and aSacIiac Regime to directly address instances of excess, unapproved and/or crbilrary charges.

The new directive is set to take effect on January 1, 2020.

Guide to Charges by Banks Other Financial and Non-Financial Institutions eff Jan 1, 2020

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