The “Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions” (the

Guide) provides a basis for the application of charges on various products and services offered

by Financial Institutions in Nigeria to their customers. This document applies to all financial

institutions licensed and/or regulated by the Central Bank of Nigeria.

The charges prescribed in the Guide were arrived at after extensive consultations with

stakeholders. The intendment of the Guide is to enhance flexibility, transparency and

competition in the Nigerian banking industry.

Where a charge is stipulated as “negotiable”, financial institutions are required to draw the

attention of customers to their rights to negotiate and the two parties are required to mutually

agree on the applicable charge via a verifiable means.

Although the Guide provides for charges on various products and services of financial

institutions, it is not exhaustive. Financial Institutions are required to present any new product,

service or charge not covered by this Guide to the Central Bank of Nigeria for prior written

approval.

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