The Guide to Bank Charges, first issued in 2004 was meant to provide a standard for the application of charges in the banking industry, and to minimize conflicts between banks and their customers. Over time, it was observed that the various charges in the Guide had become out of tune with current realities in the market, and some provisions/terms in it allowed room for ambiguity and conflict.
In order to reflect current developments in the market and provide clarity on banking terms, the CBN recently conducted a review of the "Guide" in consultation with all the banks and discount houses, Bankers' Committee, financial experts/consultants and also considered inputs received from other stakeholders to produce the Revised Guide to Bank Charges. This document provides a standard for the application of charges on the various types of products and services that Deposit Money Banks (DMBs) in Nigeria offer to their customers - individuals, corporate organizations and governments (federal, state, local and their agencies). In addition, to reduce ambiguity in loan transactions, minimum disclosure requirements for loan contracts have been stipulated, as well as a glossary of terms provided.