CBN Introduces New Policy for Current Account Holders

Yesterday, the Central Bank of Nigeria (CBN) introduced yet another policy that affects Nigerian bank current account holders.

Earlier this week, they introduced a ‘stamp duty’-- Stamp duty means you pay to receive money – 50 Naira for every single credit transaction above 1,000 Naira, as long as you have a current account.

The CBN has now implemented a negotiable ‘current account maintenance fee’ – it will be at most One Naira per every One Thousand Naira spent from your current account.

That means if you spend 100 thousand Naira, you could be charged 100 Naira. For 10 million Naira, you could be charged up to 10,000 Naira

 

 

 

 

 

Here’s the circular:

All Stanbic IBTC customers also got this email: