All Banks To Commence Zero CoT

Compelling from a week ago Friday, January 1, 2016, Nigerian banks are relied upon to charge nothing as Commission on Turnover (CoT) as indicated by the steady eliminate arrangement of the Central Bank of Nigeria (CBN). The CBN in April 2013 had reexamined the rules on bank charges, presenting the continuous eliminating of commission on turnover.

The reexamined rule had presented a progressive diminishment of CoT from N5 per mile (per N1000) in mid 2013 to N3 per mille or N1000, N2 per N1000 in 2014 and is to be N1 per N1000 in 2015 lastly eliminated compelling January 1, 2016.


Albeit a few banks had quit charging CoT, regardless others charge and sometimes over the stipulated N1 per mille which it was a year ago. Additionally for a few banks, the sum charged as CoT relies on upon the clients' relationship and capacity to deal with the bank.

A year ago, the peak bank had requested store cash banks to discount unlawful expenses charged clients over a time of one year, giving them 30 days to discount the overabundance charges or confront serious punishments. In particular, the national bank said a few banks had been cheating clients on the Commission on Turnover while a few loan specialists had likewise forced unlawful upkeep charges on the sans cot accounts.