The complete phase-out of commission on turnover (COT) from the Nigerian banking industry, which began on Monday, is expected to negatively affect banks’ non-interest income this year. The Central Bank of Nigeria (CBN) had in a 2013 circular, outlined plans to gradually phase-out the COT charged current account by 2016. Specifically, the central bank had […]
Total COT eradication to weigh on banks’ non-interest income
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