L
LequteMan
Guest
Listed below are five new fees chargeable within the Nigerian financial market space.
1. Current Account Maintenance Fee:
The Central Bank of Nigeria recently issued a circular to all deposit money banks introducing a negotiable current account maintenance fee not exceeding N1.00 per million charged in respect of all customer induced debit transactions.
2. The N50 Stamp Duty per Transaction:
The CBN also recently directed all DMBs to start charging N50 per transaction based on stamp duty acts with immediate effect. The charge is expected to be collected on behalf of the Federal Government in an effort to improve its non-oil revenue.
3. The Introduction of N100 e-DMMS Application fee:
The Securities & Exchange Commission in an effort to reduce the incidence of unclaimed dividend in the Nigerian Capital Market launched an e-dividend Mandate Management System T(e-DMMS) in conjunction with the CBN and NIBSS in July 2015.
At the initial stage, the new system was meant to be free but on 30th November 2015, the Securities & Exchange Commission issued a release to investors stating that they should register for e-dividend within 90 days after which the an application fee of N100 will take effect.
4. The Introduction of N65 ATM Withdrawal Charges:
The CBN not too long ago re-introduced N65ATM withdrawal charge. Customers will be charged N65 after the third withdrawal on other banks ATMs rather than the bank where the account is domiciled.
5. NSE/CSCS Trade Alert:
The Nigerian Stock Exchange in 2014 introduced the X-Alert notification which charges a flat rate of N4 per transaction as against the scrapped system where 0.06 percent of every trade on the Exchange was charged as the cost of notification.
1. Current Account Maintenance Fee:
The Central Bank of Nigeria recently issued a circular to all deposit money banks introducing a negotiable current account maintenance fee not exceeding N1.00 per million charged in respect of all customer induced debit transactions.
2. The N50 Stamp Duty per Transaction:
The CBN also recently directed all DMBs to start charging N50 per transaction based on stamp duty acts with immediate effect. The charge is expected to be collected on behalf of the Federal Government in an effort to improve its non-oil revenue.
3. The Introduction of N100 e-DMMS Application fee:
The Securities & Exchange Commission in an effort to reduce the incidence of unclaimed dividend in the Nigerian Capital Market launched an e-dividend Mandate Management System T(e-DMMS) in conjunction with the CBN and NIBSS in July 2015.
At the initial stage, the new system was meant to be free but on 30th November 2015, the Securities & Exchange Commission issued a release to investors stating that they should register for e-dividend within 90 days after which the an application fee of N100 will take effect.
4. The Introduction of N65 ATM Withdrawal Charges:
The CBN not too long ago re-introduced N65ATM withdrawal charge. Customers will be charged N65 after the third withdrawal on other banks ATMs rather than the bank where the account is domiciled.
5. NSE/CSCS Trade Alert:
The Nigerian Stock Exchange in 2014 introduced the X-Alert notification which charges a flat rate of N4 per transaction as against the scrapped system where 0.06 percent of every trade on the Exchange was charged as the cost of notification.
