CBN to Review Bank Tariffs
The Central Bank of Nigeria has begun the review of bank charges applied in the industry in order to align the tariff regime with the present economic realities.
According to a circular released by the apex bank, “The CBN is currently reviewing the extant guide to bank charges, which has been in use since January 2004.
“The review is intended to align the tariff regime in the banking industry with present economic realities and offer a platform for standard application of charges on different types of banking products and services.”
“In order to reduce misrepresentation and ambiguity, a glossary of terms has also been developed to provide clear and simple definition of technical terms used in the guide.
“The overarching goal of the review is to produce a guide that is collectively owned by all the stakeholders in the banking industry with the concomitant feature that it will accommodate the freedom of operators to charge competitive prices, while protecting consumers from arbitrary and excess charges.”