CBN goes tough on banks, slams N2m fine for arbitrary charges

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The Central Bank of Nigeria (CBN) has asked banks and other financial institutions to adhere strictly to the Guide to Bank Charges directives or face a penalty of N2 million per infraction. The apex bank had on Sunday, issued a 76-page circular to all banks, financial and non-bank financial institutions on the application of charges offered to customers.

According to the CBN, the revised guide to charges by banks will take effect on January 1, 2020. To guard against excess, unapproved or arbitrary charges, the apex bank in a tweet, restated the penalty for banks who fail to comply with the directives.

“To guard against excess, unapproved or arbitrary charges by banks and other financial institutions, the Guide to Bank Charges stipulates a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time for financial institutions that breach any provision of the guide.”

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