Abuja - The Central Bank of Nigeria (CBN) has indirectly reintroduced Commission on Turnover (CoT) fee as Current Account Maintenance (CAM) Fee.
In a circular was titled, “Introduction of Negotiable Current Account
Maintenaince Fee Not Exceeding N1/Mille. It stated, “The Revised Guide
to Bank Charges (RGBC) which came into effect on April 1, 2013 provides
for a phased elimination of COT charges in the Nigerian banking
Industry. Under the Guidelines, a zero COT regime was to come into
effect from January 2016.
The CBN noted that while the gradual phase out was being observed,
some banks continued to charge Account Maintenance Fees in addition to
the reduced COT rate, which in effect amounted to double coincidence of
charges.The CBN is not oblivious of the impact of declining crude oil
prices; operation of Treasury Single Account; and other market
turbulences on the viability and stability of the banking system.
It would be that the CBN in 2013 commenced phased reduction of CoT which
terminated with zero CoT charge this year. But in a circular to banks last
week, the CBN replaced the CoT with CAT but subject to maximum
of N1 per N1000 (Mille).
- News 24