Effective from earl this year, Friday, January 1, 2016, Nigerian banks are expected to charge nothing as Commission on Turnover (CoT) according to the gradual phase out plan of the Central Bank of Nigeria (CBN).
The revised guideline had introduced a gradual reduction of CoT from N5 per mile (per N1000) in early 2013 to N3 per million or N1000, N2 per N1000 in 2014 and is to be N1 per N1000 in 2015 and finally phased out effective January 1, 2016.
Although some banks had stopped charging CoT, others still charge and in some cases above the stipulated N1 per million which it was last year.
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