CBN Proposes Fresh N50 Charge On Cheque Leaflets

The Central Bank of Nigeria (CBN) is proposinga N50-per-leaflet charge on every chequeleaflet obtained and used at the depositmoney bank's counter.This is not the same as the collection charge oncheques, which is also proposed to be 'onepercent of cheque value or Naira equivalent of US$10 whichever is lower'.The apex bank is also proposing a N100-per-month charge on every debit card (your typicalATM card) ' separate from the existing N65charge after the third withdrawal within the samemonth.In its draft on the 'guide to charges for banksand other financial institutions in Nigeria',CBN also proposed a N4,200-per-annum chargeon foreign currency denominated cards asmaintenance fee.For naira dominated cards, a monthlymaintenance fee of N100 was also proposed forevery month a debit card is used, and a N50charge for other months when card is used ornot.The proposal is coming only 13 days afterNigerians protested excessive bank charges,declaring a 'No Banking Day' on March 1, 2016.For foreign exchange related transactions, whereForm M or Form A is needed to request forexfrom CBN, charges that were hitherto notapplicable have now been proposed.The CBN is proposing a charge of a N100 on FormA, which is used by students to apply for forex onschool fees, medical bills, and travel allowances.Form M, which is predominantly used bymanufacturers to import goods (not on the CBNprohibition list), is proposed to henceforth cost'N1,000 in addition to maintenance fee on e-Formplatform in line with CBN directive'.The central bank also added that Nigerians couldsend in their comments on the proposed charges,seeking clarification and notifying the bank onexcluded financial institutions.'The Central Bank of Nigeria is currentlyreviewing the extant Guide to Bank Charges,which came into effect on April 1, 2013,' thecircular, signed by Kevin Amugo, directorfinancial policy and regulation department, read.'The review, which is in line with the philosophyof periodically ensuring that the provisions of theguide accord with current realities, also seek toaddress complaints from customers of financialservices, requests for clarification on provision ofthe guide and absence of a tariff regime for otherfinancial institutions in Nigeria.'Kindly send hard copies of your comments byMarch 29, 2016 to the director, financial policyand regulation department with soft copiesmailed to gbcreview@cbn.gov.ng.'Checks by TheCable revealed that deposit moneybanks currently charge an average of N1,500 forthe issuance of a 50-page cheque book.http://www.google.nl/url'q=https://www.thecable.ng/cbn-mulls-fresh-n50-charge-on-cheque-leaflets&sa=U&ved=0ahUKEwji0K-SrsHLAhUFJA8KHe2hCxEQFggLMAA&usg=AFQjCNHZ0ZOCzgTJD1CFgksCWuVG51f4eg
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