Last week I mentioned on this blog that Nigerian Banks had agreed to reduce C.O.T from the current N5 for every N1000 (5 per mille) withdrawn to N3 for every N1000 withdrawal. Apparently, I guess that was wishful thinking and empty promises. The Leadership Newspaper investigation reports that Banks still charge 5 per mille and attribute their inability to reduce the fees to high cost of doing business.
According to them, they buy generators, transformers, provide security etc all of which implicitly relies on C.O.T’s to fund. Like I always say, the best form of regulation is when the forces of demand and supply warrants it. For now tho….keep dreaming.
