New Day, New CBN Policy for Current Account Holders | Here’s the Latest

naira_notesYesterday, the Central Bank of Nigeria (CBN) introduced yet another policy that affects Nigerian bank current account holders.

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.

Here’s the circular:CBN Circular Current

All Stanbic IBTC customers also got this email:Stanbic Current Account

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

26 Comments on New Day, New CBN Policy for Current Account Holders | Here’s the Latest
  • Grace January 22, 2016 at 11:07 am

    Why are they just bringing out these damned policies now?

    • sey January 22, 2016 at 11:46 am

      They’re look for money. Unfortunately Nigeria needs money. So you see why bugatti must catch thieves and also hound them till they return the money? He he he

      • seyi January 22, 2016 at 5:57 pm


      • seyi January 22, 2016 at 5:58 pm

        *buhari… chai many things on my mind lolz

    • ak January 25, 2016 at 5:16 pm

      Well it appears the best way to avoid will be

      a. Go to a bank and withdraw the money yourself.. No more ATM transactions
      b. Write Checks to people for under 1000 naira

      or c. Use ATM and withdraw under 1000 naira

  • Charles January 22, 2016 at 11:19 am


  • goddessofvictory January 22, 2016 at 11:51 am

    I am going to buy a king size mattress and save my money there. This Iranu is getting too much. when politicians were plundering the reserves and spending money recklessly CBN did not know they were supposed to set up policies to curb excess money in circulation. Now its my money they want to use to build up reserve and strengthen the economy. Oshisco!!!

    • ifeanyi January 22, 2016 at 12:07 pm

      That is exactly what Buhari plans to do…Bring back the money! Support Him!

      • goddessofvictory January 22, 2016 at 1:52 pm

        why do i have to be the one to pay for their excesses? i work hard for my money and now have to pay for every time i touch my salary account ( Salary that is not much sef). If he wants to build back, he knows the looters they are all around him he should start from there. This is just the beginning of serious taxation. I should bring back money i did not take well done o.

    • nene+ January 22, 2016 at 6:35 pm

      That is the diversification Buhari has been talking about!!!!
      Tongue out…..
      Have you not wondered if we have an Agricultural minister ? He is snoring at abuja after the man took 7 months to choose him specially! They hit the ground and slept…. laughing at Bubu voters hhahahahahahahahha see change…… they will steal all ya change 50 50 kobo change from the bank. Lmao

      • tribalist January 23, 2016 at 10:31 am

        Did you hold your GEJ hero accountable when his cronies were looting dry? NO. So please have a seat

    • fd62kola January 22, 2016 at 8:44 pm

      but isn’t it ur money he is 2 use 2 “build up reserve and strengthen the economy” before? lol. u tink se na only oil countries de use “build up reserve and strengthen the economy”?

  • Na wa January 22, 2016 at 12:59 pm

    Nigerian politicians have finished their country. See how Saudi and other oil-producing companies built up a strong reserve, these ones were busy siphoning every kobo like there is no tomorrow. Now the chicken has come to roost and it is the poor man on the street having his N1 deducted. Rubbbisssshhhh.

    BN, please don’t post any politician’s child’s wedding or vlog or whatever because I am SO VEXED right now.

  • Nakoms January 22, 2016 at 2:05 pm

    All the glitz in BN is corruption money. Wedding pictures of children of looters!

    • Na wa January 22, 2016 at 4:18 pm

      Real looters my dear and you see peeps going “Awwwww” and “ooohhh” over them not knowing their N1 will soon be taken to fund the frivolous lifestyles.

  • Fume January 22, 2016 at 2:48 pm

    This is so sad, knowing that most salary accounts are current accounts…..why this rubbish now. how much is my salary for crying out loud… one will pay my taxes and bills (nepa bill and its high rate) yet they will still remove from one’s money.

  • jwezee January 22, 2016 at 4:30 pm

    My only question is, is this the only means of generating revenue for Nigeria… Natural resources dey, Agriculture dey, investors dey ( instead they would rather pass the investor round like a ball) Pls this government should hire me swear I would give them 3 big projects that would generate revenue and they wouldn’t av to drop a dime.

    • beezee January 22, 2016 at 10:26 pm

      This is a faster means. Agriculture has cycles, people will always spend.

    • ElessarisElendil January 23, 2016 at 1:54 am

      Take too long. Taxes are the main way governments raise money. The bright side of this is by taking your money, they’re creating a contract, if they misuse it YOU have a say.

      Unless of course you like how Nigeria is currently run?

  • Patience January 22, 2016 at 5:47 pm

    Erm, I think I saw One Naira per Mille not One Naira per Thousand in the CBN Circular but the banks are saying it’s One Naira per Thousand..

    • Re:patience January 24, 2016 at 5:55 am

      Dearie, per mille means per thousand and not million.

  • fd62kola January 22, 2016 at 8:46 pm

    last time i checked, the poor rarely own Current Accounts. Get ur facts

  • GANNY A. OGUNSHAKIN January 22, 2016 at 9:00 pm

    Nigerian government is now rubbing Nigerians blind. What type of stupid policy is this? Fellow Nigerians should rise up to put a stop to this nonsense immediately. First the Federal government of Nigeria has committed a broad day light bank robbery. They commandeered bank accounts of hard working Nigerians, including my late father and late aunt’s. And the government think it is okay to do so. No promenent Nigerian deared to say anything about this dangerous steps Nigerian government has taken. Now the Central bank of Nigeria has implemented another barbaric policy, targeted towards all the current account holders. When will this craziness end in Nigeria? Where are the members of the Nigerian senate? Why are they allowing the Central bank of Nigeria to violate the rights of all Nigerians. Nigerians elected them to legislate not to sit down and look and allow the presidency to dictate the order of the day. Everything that is currently happening in Nigeria was correctly predicted by the late Fela Anikulapo Kuti “suffering and smiling”. I know this cannot just happen in the United State of America without the opposition government not saying anything about this stipendous policy. Where are the members of the Nigerian opposition. hiding? It’s time for them to show Nigerians how much testicular fortitude they have. Speak our against this policy. This is an opportunity for them to stand up to show every Nigerians they are not dead politically or are they? A word is enough for the wise. I am just saying.

    • Ed. Agoro January 23, 2016 at 9:44 am

      My friend the policy is one of the ways of saving this country from collapse. Make a sacrifice.

  • ghhh January 23, 2016 at 9:02 pm

    Hmmmmm 1 naira per 1000 one thousand naira to help save d economy n u r complaining I welcome it abeg

  • tito April 27, 2016 at 10:11 pm

    the 1 naira per 1000 naira is actually negotiable says cbn,so write your bank and request 50k or a waiver.

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