The Central Bank of Nigeria has instructed for the immediate implementation of dollar buying rate for invisible transactions at ₦360/dollar without any further charge nor commission. This means that FOREX transactions such as school fees, medical bills and travelling allowance should now be accessed at ₦360/dollar without any further charge.
Why do I get many charges from my bank?
Ans: Most charges by the banks are legal and regulated by CBN. They are tied to the actual bank product or service you subscribe to. However, knowing what the different charges represent enables you to know the services and products to activate and de-activate. Having said this notwithstanding, banks could make mistakes in charges or debits passed to your account sometimes which is the reason why you need to always know what the different charges are at every given time.
As human beings, we constantly strive towards perfection. Everyone and anyone loves to be described with the sweetest of words. I remember during my ‘9-5 days’ when we have to hold send forth parties for resigning colleagues and everyone is made to gather and speak about the ‘celebrant’. Hardly do you hear bad reports or comments about the person. This what a bit of problem for me because I always wanted to speak about the person on all sides; the good, the bad and the ugly for there is no one without flaws.
All banks are regulated by the Central Bank in its country of operation. In Nigeria, the regulation body is the Central Bank of Nigeria. And as part of its regulatory measures, certain policies have been put in place to ensure for proper control of the banks and protection of members of the public.
Let us quickly take a look at this policies or tools used by the CBN to regulate the banks in Nigeria.