The Central Bank of Nigeria, CBN, has ordered banks to refund Commission on Turnover, CoT, charges above the regulatory maximum to customers.It also banned banks from imposing account maintenance fees on customers.
The order was given in a circular by the Director, Financial Policy and Regulation department, Mr. Frankline Ahonkhai, to all deposit money banks.
The CBN said that based on the Revised Guide to Bank Charges issued last year, maximum CoT charge for 2014 is N2 per mile (N1,000) but some banks are charging customers above this rate.
