New CBN Policy for Current Account Holders - See Circular To All Banks

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’ – click here if you missed it. 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:



Stanbic IBTC customers also got this email:



 circulars on their website here.