» CBN Proposes New Charges On ATM Cards And Cheques «

The Central Bank of Nigeria (CBN) has proposed a N100
monthly chargeon 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 anaira 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 alsoproposed 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 collectioncharge 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 provisionof the guide and absence of a
tariff regime for other financial institutionsin Nigeria.