CBN’s New Policy On Cash Deposits: Nigerians React

Nigerians on Twitter have attacked the Central Bank of Nigeria (CBN) over its recent decision to increase charges on transactions.

Igbere TV had reported that the CBN, said customers making cash deposits or withdrawals will pay charges beginning from today in line with its new policy.The objective of the “transaction fees” is to give vent to the Central Bank’s policy designed to reduce cash in use.

CBN Payments System Management Department Director Sam Okojere on Tuesday announced the take-off of the charges in a statement.

“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.

Reacting to the development, Nigerians are asking for the reason they need to pay an extra 2% when they deposit over N500,000 or pay 3% when they withdraw same; after paying account maintenance charges monthly, ATM maintenance charge, stamp duty charges and transaction charges when they ransfer to other banks.

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