Niger Insurance Plc has announced plans to restructure its insurance business into distinct but mutually dependent business entities. The Central Bank of Nigeria, CBN, in a bid to generate revenue for banks has introduced a maintenance fee of N1 on every current account transaction. Back button You're in Nigeria Segments Change country: Welcome to Standard Chartered Nigeria Personal Banking Business Banking Priority Banking Private Banking Corporate Banking Premium … Grow your business with Standard Chartered Business Current Account, a transactional checking account that enables collections, local & international payments. I have four accounts with gtb bank, 1 normal current account which charges cot of 0.5% on any remmitance to the account no matter the means, weather you receive money by cash deposit, international transfer , online banking , cheque, atm transfer etc , gtb must charge the cot . No limit to number of withdrawals in a month. PLATINUM PREMIUM ACCOUNT. The Official Website of Access Bank Plc NigeriaCurrent Account. Looking forward, we estimate Current Account in Nigeria to stand at 1600.00 in 12 months time. googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. The guide released by the CBN contains major changes on electronic transactions’ charges in Nigeria. Platinum … Directors were authorized to appoint external auditors to replace retiring auditors of the company. Banks accept only a person with a domiciliary account to stand as a referee as most people in Nigeria use either Naira savings account or current account. CX� �@�P��SEG�{GKH�!I(�� ko � � �9�)�h��p[T'�c����V���8q�6u�mPFD3D��H ���h�8�fif �g�`Ɣl`�_ʒ�ML|�����i��G]XXw��,a��!��(H/e��Y� 9�y��`D�� 2�]� Individual Current Account. Gambia . The Central Bank of Nigeria (CBN) has reduced charges applicable to bank accounts, ... Card maintenance fee on current account has been removed as the accounts already attract account … READ: Nigeria’s crude oil export suffers due to force majeure declared by Shell, others, One trader said: “If you get a cargo of Qua now it could be 50 cents to a dollar below Bonny even – a January cargo is completely out of cycle and the reliability issues mean people won’t touch it.”, Another trader stated that: “[The return of Qua Iboe] is not what West African crude assessments (WAF) differentials needed.”, READ: Nigeria faces breaking point as India’s global crude oil demand drops by 70%, READ: GenCos to halt supply if NBET insists on new service charge. Bonny Light, a mainstay Nigerian crude which typically trades at roughly the same level as Qua Iboe, was last assessed 30 cents/b higher. It is a checking account which allows you to carry out routine banking transactions with third parties and allows you enjoy easy access to your money from any of our branches nationwide or on our online real-time platform. '�/�J����� ?-*pڟ�����4ki��x�׳Q:��;O��Ӊ-����]���u��*��̓u�%.�0�-��q-8�r���_MN�eoc��o*1P/�bN�#/�/��]7YT�~Y2�>�k�/���n��W�?�6��Gb9,������+�̝��أ���L�z��{�)B��t���ou\�oa This time it’s called Stamp duty. READ: Shell declares force majeure, to stop Bonny Light crude oil export. Current account maintenance fee (CAMF) will be charged at a negotiable but subject to a maximum of N1 per mille when you initiate a transfer out of your account. Recall that the CBN in … A graduated fee scale for electronic transfers to replace the current flat fee of N50 will begin, as transfers below N10,000 will attract a maximum charge of N10; and transfers above N50,000, N50. [READ MORE: Bank CEOs, NCC, CBN to meet over USSD charges). His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. With a very go history of serving Nigerian very well. Compare Current Account by Country The withdrawal fees are higher for both individual and corporate accounts. 2. Submit . “Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.”, Abiola has spent about 14 years in journalism. Drop your mail and be the first to get fresh news. %%EOF Current Account in Credit Balance Negotiable1 1.2 Savings Account Minimum of 30% of MPR p.a. A GTBank Individual Current Account breaks down all your banking needs into simple and readily accessible products and services, giving you a convenient and value-adding banking experience. ExxonMobil has lifted a force majeure on Nigeria’s Qua Iboe crude oil export terminal, as crude exports resume for the first time in almost six weeks after a fire at the terminal halted operations. The CN has announced plans to discontinue the use of old cheque books with effect from March 31, 2021. Why Choose this Current Account? A current accounts and savings accounts are the two most common types of bank accounts offered by banks in Nigeria – but what exactly is the difference between the two and which type of account is right for a small business owner?. The Central Bank of Nigeria (CBN) Revised Guide to Bank Charges, dated March 27, 2013 prescribes a maximum COT charge of 1 Naira per Mille (NGN1 per NGN1,000) for 2015 and phases out COT charges on current accounts by 2016. This is part of the resolutions passed at the 50th Annual General Meeting of Niger Insurance Plc., held on 20th of January, 2021 at Peninsula Hotel in Lekki, Lagos. With this regulations on stamp duty currently, every Nigerian receiving cash into his or her account would have to pay the sum of N50 (fifty naira) on every deposit. Consolidated statement of accounts at your specified frequency Concessionary foreign funds transfer charges Electronic notifications on transactions and other e-banking options. Savings accounts will now attract a card maintenance fee of N50 per quarter (three months) from N50 per month. WHY OVERDRAFTS. Nigeria - Current Account The economy likely remained under marked stress in Q3, following the steep GDP contraction in Q2 due to the pandemic-induced lockdowns and collapse in oil prices. G�д��DՖ�aT� Free subscription Get the hottest stories from the largest news site in Nigeria. Difference Between Saving Account and Current Account in Nigeria Savings Account. COT N5 per 1000 is taken at the end of the month. This account gives you the opportunity to manage your money without paying any transaction charges like as Account Maintenance Fee (AMF) that occurs at Month end but you have to maintained a minimum operating balance on this account. Requires a minimum account balance N15,000.00; Fixed monthly charge N2,000.00; Maximum monthly debit turnover of N5 million. Current Account Designed for You. Its main difference from current account balance cannot be … Charges on current account include C.O.T which is N5.00 per 1000 Current account - monthly maintenance charge of N105.00. Prices for Nigerian crude have suffered in recent weeks, even with lower supply due to the outage. 1.1 Current account in credit balance Negotiable 1.2 Savings Account Minimum of 30% of MPR p.a. Nigeria's central bank imposes new charges on every deposit and withdrawal on bank accounts; The new charges kick off with immediate effect in some states. Now let’s get serious, A savings account is primarily for the purpose of saving according to my friend. In bid to explore more non-oil revenue, the CBN also directed … You may contact him via email - [email protected]. Open a current account at Standard Chartered Bank Nigeria with a minimum balance of NGN 50,000. N��y�At�)���Ao��w��sn�����/��V��[z�9���m�>�`�Y��n�� ���@5�̈́�h�_oQ�Nmh��XN�!3��|�^ Qua Iboe is light sweet crude, which has a gravity of 36 API and sulfur content of 0.13%. You can set daily spending limits, lock or unlock your card and reset your PIN from anywhere in the world, 24/7. Attracts account maintenance fee; This account allows funds transfer and bank cheques/drafts. Indian demand has steadied following a buying spree late last year, and European demand has been hit by renewed coronavirus lockdowns in the region. Wow. 5025 0 obj <> endobj M�sN What You Get. I hope the financial institutions will strictly adhere to these new set of rules. Qua Iboe production started to ramp up to normal levels of 200,000 b/d in the past week, according to sources, with the release of both the February and March loading programs. This site uses Akismet to reduce spam. Account Benefits. GTB boast of Zero commission on turnover (COT). Banks accept only a person with a domiciliary account to stand as a referee as most people in Nigeria use either Naira savings account or current account. READ: CBN reviews minimum interest rates on savings deposit to 1.25%. Niger Insurance Plc has obtained shareholders’ approval to restructure its insurance business into general, life and business insurance, with each segment to be structured as a separate legal entity. The Current Account at Guaranty Trust Bank offers a convenient way to manage your day-to-day finances. q It can be recalled that in an earlier circular issued on the. The Central Bank of Nigeria (CBN) has in a circular to all Deposit Money Banks (DMBs), accredited Cheque Printers/Personalisers, and the Nigeria Interbank Settlement System (NIBSS), stated that the revised cheque book will become fully operational from April 1, 2021. The Central Bank of Nigeria has come up with yet another one! Unlike the current account, a savings account is designed to preserve money to help you save them for something important and even earn some interest depending on the bank. '�'��@A`(�M; �������& $"�ӡ����8�`<�\(��2>��3��hH�'����z#XN�管�D4�t�\�[�����������a�o"���%���������_PX����[eUuMm]�����ή��ѱ���ɩ�%���+�k�{��G�'�g�q� 0������������W(.�>��.�%�h�݄O孄bzX��#D4��K\{�����w��ؿr�����4p�c! This way, maybe their profits will better reflect the state of the economy and be more dependent on turnover, rising and falling with improved and declining economic activities respectively. A current or business account, is a type of account in Nigeria that is suitable for businesses as you have the freedom of unlimited number of withdrawals for running your daily transactions. A graduated fee scale for electronic transfers to replace the current flat fee of N50 will begin, as transfers below N10,000 will attract a maximum charge … Undoubtedly, this area of commercial service charges perspective would be an interesting avenue to be explored further. Nice one from the CBN. A MasterCard debit card so you can access your money at any time. A decision to restructure the company’s business capital was also reached. Learn the main DIFFERENCE BETWEEN SAVINGS AND CURRENT ACCOUNT in Nigeria. Different people save for different reasons. Card maintenance fee on the current account has been removed as the accounts already attract maintenance fees. The CBN in the circular noted that the clarification became necessary as some stakeholders had been interpreting the circular differently from the intended purpose. Recall that the CBN in … Production of this key grade ranged between 180,000-220,000 b/d in 2020, according to S&P Global Platts estimates. There are a number of no-fee current accounts in Ireland. ExxonMobil has lifted a force majeure on Nigeria’s Qua Iboe crude oil exports as production resumes. Directors were authorized to fix the remuneration of the auditors. The disclosure is contained in a circular that was issued by the CBN and signed by its Director Banking Services, Mr Sam Okojere. A domiciliary account is a type of current account that allows you to fund it with foreign currencies such as dollars, pounds or euros and enables you to do foreign transactions on that account. Individual accounts This will be the first export of Qua Iboe since December 15, 2020, after a fire hit the facility and injured two workers. Excess on debit turnover limit attracts a default account maintenance charge at N1/mille. This site is protected by … Features of Current Plus Account Type as follows: You must maintain a minimum opening/operating balance of N500,000 for individual … The appointment of four individuals as members of the audit committee. 595.44 0 0 842.40 0.00 0.00 cm These include: N26. It is usually not easy to get a referee for this account. The account comes in four (4) variants personalized to fit your business needs. That is a fee of ₦30,000 (thirty thousand naira). Kudos CBN, Definitely, they are going to lay of workers from February The Central Bank of Nigeria (CBN) has directed banks to introduce a “negotiable” current account maintenance fee to replace the Commission On Turnover (COT) fee, … Robust internet banking equipped with features that give you control over your account. The guide released by the CBN contains major changes on electronic transactions’ charges in Nigeria. The N50 Stamp Duty per Transaction. Also, the bank charges on the domiciliary account and transactions are quite high depending on the bank. It is designed to provide maximum interest payments on daily account balances and minimum charges on transactions. Some of them are Fidelity Bank, Union Bank, and Wema Bank. �""f_�H���V���GG8��������#������%[Xg:6����(����;EІ��љ��p%˧�~K�YY':f*�0�e�sx��˂��u5C\A`wkyYZZyYYZ{G:�LOOkKOKK������������o�n1�b>;չr�G;R��� -C�����n����Q؆i For forex transfers out of your accounts using swift, you will be charged 0.5% COT plus any other associated off shore transfer charges. However, there are charges for using current account. The new fee is a negotiable current account … Management fees charged on loans is limited to a maximum of 1% of the principal amount disbursed and should be a one-off charge. Banks will also now charge a maximum of N1 per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other banks on current accounts only. Current Account. This means for every N100,000 leaving a current account in Nigeria, deposit money banks are permitted to take N100 for account maintenance. The stamp duty only concerns current account, it does not affect salary account and savings account. Q Inconsistency that exists in the service elements identified in Calvert et al's (2006) study shown that the current practice of commercial service charges are way behind best practice. OPEN ACCOUNT ONLINE DOWNLOAD ACCOUNT FORM However, my gtbank domiciliary accounts are listed as current account on my gtbank internet banking profile. Cash withdrawal limits in Nigeria. x��wPT_��o�@$4979H�����D@��� h�b```"C�2�A��X��#� :��uP���.7>w�� 3XV0���a��|�῁m�?���,Xֱ,od�I�?˼�aW���%�� The Central Bank of Nigeria ("CBN") recently reintroduced bank charges on select cash deposits and withdrawals in the country. The initial monthly period zero balance charges against customers for services rendered is expected to start today January... Largest news site in Nigeria account include C.O.T which is N5.00 per 1000 current on. 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Mail and be the first to get a referee for this account through our different savings options way! Prices for Nigerian crude have suffered in recent weeks, even with lower supply due to the outage discontinue use... Account maintenance charge at N1/mille a fee of ₦30,000 ( thirty thousand naira ) confirmed the.... Directors were authorized to appoint external auditors to replace retiring auditors of month! Form current account your business needs months ) from N50 per month a company spokesman yesterday, who the. Banking equipped with features that give you control over your account read also: reviews! Been under pressure since the closure and prices have taken a hit as a of! Account into the UBA Stockbrokers 's account the account comes in four ( 4 ) variants personalized to your! Set on you account audit committee remuneration of the audit committee whatever your reasons for... Charged on loans is limited to a maximum of 1 % of the principal amount disbursed and should a...