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.
If you’d like to stay ahead of CBN’s policies, you can see all circulars on their website here.