Nigerian banks introduce Current Account maintenance fee

Posted by Felix Okoli on Sunday January 31, 2016 at 23:7:4:

If you have a current account in Nigeria, one of the things that can increase the costs of running it is the newly introduced Current Account Maintenance Fee thanks to the CBN. Nigerian banks were mandated to begin charging current accounts with the fee at the rate of N1 for every N1000 debit transaction in current accounts and it takes effect as at January 1, 2016.

This is a variable charge on debit transactions only which increases as the value of the debit transaction increases. So, if you withdraw cash, issue cheque or make online transfer of money from your current account for a value of N1m, then expect to be charged an additional N1000 for the transaction.

In the past, Nigerian banks used to charge a Commission on Turnover on current accounts but hat was gradually phased out and not it seems that something similar is being introduced and it only makes it more costly to have a current account in Nigeria.

I think the reason why the CBN is doing this is to increase their internally generated revenue since the nation's income from oil was dwindling. Should Nigerians' expect more harsh measures from the CBN as the financial situation of the government worsens?