CBN Proposes New N50 Charge On Cheque Leaflets, Additional N100 ATM Maintenance Fee

While many Nigerians are yet to come to terms with the recently introduced stamp duties on deposits by the The Central Bank of Nigeria (CBN), the country’s apes back is going a step further by proposing a N50-per-leaflet charge on every cheque leaflet obtained and used at the deposit money bank’s counter. This is not the same as the collection charge on cheques, which is also proposed to be “one percent of cheque value or Naira equivalent of US $10 whichever is lower”.



The CBN is also proposing a N100-per-month charge on every debit card (your typical ATM card) – separate from the existing N65 charge after the third withdrawal within the same month.

In its draft on the “guide to charges for banks and other financial institutions in Nigeria”, CBN also proposed a N4,200-per-annum charge on foreign currency denominated cards as maintenance fee. For naira dominated cards, a monthly maintenance fee of N100 was also proposed for every month a debit card is used, and a N50 charge for other months when card is used or not.

The central bank also added that Nigerians could send in their comments on the proposed charges, seeking clarification and notifying the bank on excluded financial institutions. The circular which contains the proposed charges, signed by Kevin Amugo, director financial policy and regulation department, reads in part.

“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 provision of the guide and absence of a tariff regime for other financial institutions in Nigeria.

“Kindly send hard copies of your comments by March 29, 2016 to the director, financial policy and regulation department with soft copies mailed to gbcreview@cbn.gov.ng.”

Checks by TheCable revealed that deposit money banks currently charge an average of N1,500 for the issuance of a 50-page cheque book.