Description

Rates

1

Bid Bonds & Tender Bonds

Negotiable, Subject to a maximum of 1% per quarter

2

Cheque Indemnities

1% on the amount of Indemnity

3

Performances Bond (chargeable from date of contingent liability

2% per half year

4

Advance Payment Bond

1% per half year

5

Other Bonds, Guarantees and Indemnities

2% per half year, minimum N5,000

NOTE: Where commission in respect of the charges is calculated and falls below minimum

N5,000

1

All purchases from CBN auction and inter-bank

1%

2

Inward Telegraphic Transfers, Mail Transfers, and Drafts expressed in Naira

Free

Inward Telegraphic Transfers, Mail Transfers, and Drafts expressed in Foreign Currency Handling Commission

0.5%, minimum N400

Travellers Cheques, Cheques and Slight Bills for negotiation

Handling Commission

Minimum N1,000. Maximum 1%

4

Usance bills purchases as in (3) plus interest at local rate

As in (3)

Plus interest at local rate

5

Foreign Currency Notes

To be a purchased at the bank’s sight rate plus Handling Commission (no minimum charge)

Negotiable up to a maximum of 1%

6

Repurchases of Travellers Cheques by the issuing bank will be at the T.C. biding rate for appropriate currency plus Handling Commission

Negotiable up to a maximum of 1%

7

Commission on Outward Telegraphic Transfers, Mail Transfers and Drafts

1%

8

Foreign currency notes at the normal selling rate Handling Commission

0.5%

(minimum N250)

9

Travelers Cheques. Rate applicable to Authorised Dealer plus Handling Commission

0.5%

(minimum N250)

10

Transfers paid for in cash-Handling Charge

11

Transaction Charge

USD 0.50 or its equivalent will be allowed per transaction.

12

Collection charge on Cheques

1% of cheque value or US$10 or its equivalent, which ever is higher

13

a) Commission on Travellers Cheque issued

Negotiable, Subject to a maximum of 1%

b) Transaction charge on withdrawal from deposits other than cash

Negotiable, subject to a maximum of 1%

14

Commission on mail Transfers, telegraphic Transfers and Drafts

0.5% or Us$10 or its equivalent, whichever is higher, plus actual communications cost.

15

Transactions on Letters of Credit, Bills for Collection and Guarantee

Charges will be as per relevant sanction in this Guide

1

Collection

a) Clean Bill Commission

Maximum 2%, Minimum N1,000

b) Documentary Bill Commission

Maximum 2%, Minimum N1,000

Plus Postage

Cost of postage

Plus actual communication charge if applicable

Cost of communication

2

Holding charges after non-payment or non-acceptance, chargeable 1 month after arrival of goods

Bills under N25,000

Bills above N25,000

N500 per month

N1,000 per month (only when due to customer’s default)

3

Extension charges for accepted bills or sight bills altered to tenure bills

N1,000 per bill

4

Bills for collection Negotiation

0.5% flat

5

Protest charges plus Notary public fees

Minimum N2,000 or 2% of bill amount, whichever is higher

6

Rebates between banks collection Commission (handling charges) should be split;

Presenting Bank

25%

Acting Bank

75%

7

Unpaid Bills

In addition to the holding charge in (2) above, a bank is entitled to 1% commission. Where Nigerian Bank is acting for Nigeria Presenting bank, 1% commission is claimed and proceeds split with acting bank in accordance with (6) above

BILLS FOR COLLECTION (OUTWARD)

8

Collection Commission

a) Documentary bills

Maximum 2%

b) Clean bills

Maximum 1%