Nigerians have condemned the plan by the Central Bank of Nigeria (CBN) to hike charges on transactions, Naijaparry reports.
This news medium reports that the CBN on Tuesday said customers making cash deposits or withdrawals above N500,000 will pay charges starting from Wednesday, September 18, in line with its new policy.
According to the CBN, the “transaction fees” is to give vent to the bank’s policy designed to reduce cash in use.
The CBN said, “The transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.
“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million.”
However, Nigerians have condemned the development, saying it will hurt the country’s economy.
They took to Twitter to lament that the move was against the interest of the “common man,” calling it exploitative.
On the CBN’s directive that customers be charged N10k for deposits, and 15k for withdrawals of N500,000 and above.
I’m not even going to stress myself on debating this obvious scam.
My advice to y’all is deposit or withdraw N499,800.
We’ll continue to survive this govt anyhow. pic.twitter.com/RqqOy1Hl5I
— Henry O (@onos_147) September 18, 2019
No matter what anyone says, this new CBN policy is punitive and exploitative, with banks already stealing from us and making huge kill with all forms of spurious accounts maintenance charges, atm withdrawal charges, sms charges etc, this is PURE wickedness and should not stand.
— The Godfather (@Ayourb) September 18, 2019
CBN: Save N500k and be charged N10k.
Me: I'd rather save N499k and use N1k to eat Amala with ogbufe.
— Prof Bolanle 🇳🇬 (@BolanleCole) September 18, 2019
In an economy where barely 40% of the population have bank accounts & a poor mobile money system, this CBN policy will cause more problems than it set out to solve
You can't be enforcing a cashless policy with punitive measures when the infrastructure to go cashless is deficient
— A Fokken Queen! 👑 (@cremechic11) September 18, 2019
Since the hunter has learnt to shoot without missing, the bird has also learnt to fly without perching…..
Nextime you want to withdraw 500k
CBN charges = #0…..
Let's all kuku be mad pic.twitter.com/X8PQO7rX1V
— Ehix (@Ehix07) September 18, 2019
Dear CBN Governor, Federal Republic of Nigeria.
I have seen this letter circulating regarding Implementation of the Cashless Policy that effect an additional charges on withdrawals/lodgement by individual and corporate entities in some selected states. pic.twitter.com/cS0Co9rOFL
— Mubarak Umar (@Mubarack_Umar) September 18, 2019
CBN said they will increase charges on every 500k deposited and withdraw.
Me: Deposit N499k, walk out of the bank, come back after 24hrs to deposit 1k.
Sense will not kee me 👌👌 pic.twitter.com/kMuUo88DDL
— TechBuddy💻⌨️ (@OfficialSamkayz) September 18, 2019
Abeg whats the meaning of this please? Is CBN joking? pic.twitter.com/8xHZMLbC9B
— Martins (@nameismartins) September 18, 2019
We're now paying 3% tributes to Buhari through CBN, something OBJ eliminated.
Why are these people SO bent on retroogressing?
— Babatunde Olalere Gbadamosi (@BOGbadamosi) September 18, 2019
CBN wants Nigerians to transact cashless so they impose fines for cash withdrawals. They also impose fines for cash deposit
Yet they impose fines for purchases done through cashless facilities
Ours is a heartless govt which bleeds an anorexic man, whose anorexia they caused
— 🇳🇬 (@solomonapenja) September 18, 2019
Last last, na to begin deposit money in N450,000 per deposit slip… since CBN has decided to be unfortunate
— 🇳🇬 (@solomonapenja) September 18, 2019
Our Central Bank still thinks we are in the military era. If, for whatever reason, you are going to introduce charges for deposits, will you just issue a circular? No explanation? No justification? No sensitisation? You just issue a circular and call it cashless policy? Na waa o.
— Dr. Joe Abah (@DrJoeAbah) September 18, 2019
Asking questions about a policy or criticising the cashless policy, especially the extra charges is not hate/dislike for Buhari/APC. If we remain silent we will all suffer the consequences of multiple charges irrespective of your political affiliations. Please wake up.
— Dr. Dípò Awójídé (@OgbeniDipo) September 18, 2019