The Central Bank of Nigeria (CBN) has started
the process of reviewing all banks’ charges on customers for products and
services. In a letter signed by the CBN’s Director of Financial Policy and
Regulation Department, Akpan Udofia Obot, the CBN directed all banks and
financial institutions to submit a list of their financial products and
services as at March 31, 2013, that were not covered in the extant Guide to
Bank Charges (GBC). Banks and financial institutions were directed to
include list of products and services which the prescribed charges in the
current GBC are not sufficient to cover cost incurred to provide
them. They were directed to provide a list of new products and services
introduced from April 1, 2013, their fees, charges and justification for
introducing the fees and charges. They are to also furnish the CBN with a list of
products and services which they plan to introduce from now to the next three
years, the fees and charges attached and the reasons for the proposed tariffs. Meanwhile, the CBN has approved the use of five
cheque printers by the Nigerian market for printing cheques. A notice
signed by the Director of CBN’s Banking and Payments System Department, Dipo
Fatokun, listed the approved cheque printers as Superflux International
Limited, Triple Gee and Company Limited, Nigeria Security Printing and Minting
Plc, Euphoria Group and Papi Printing Company Limited. The circular indicated
that the approved printers were duly accredited and issued with certificates.
“Foreign-based printers were neither accredited nor re-accredited in line with
the bank’s policy on domestication of cheque printing in Nigeria,” the notice
stated.
Source - Daily Trust
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