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Charges on deposit will impoverish Nigerians, increase crime – NANS

NIGERIA – The National Association of Nigerian Students (NANS), has frowned at cashless policy of the Central Bank of Nigeria (CBN), which imposed charges on lodgement or withdrawal of some certain amount of money.

OgeneAfrican had reported that, the CBN, in its cashless policy said “Transactions will now 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.

“The charges will, however, only apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory (FCT) for now.”

Meanwhile, NANS kicked against the policy; saying “it is perceived to be geared toward impoverishing both the average and poor Nigerians.”

NANS, at a press conference held in Abeokuta, the Ogun State capital, to commemorate the nation’s 59th anniversary, called on the Federal Government to jettison the cashless policy in the interest of many small scale entrepreneurs.

Addressing the media, NANS Public Relations Officer, Azeez Adeyemi, said the cashless policy would increase robbery cases across the nation.

This, Adeyemi said would occur when people stop taking money to banks in order to avoid charges.

“If this policy is allowed to ‘scale through’, it will increase robbery cases as the people will find keeping money at home as an alternative,” he said.

2 comments

  1. hdrawal in furtherance of the implementation of its cashless policy is on the amount in excess of the set limits.
    The Director, Corporate Communication Department, Mr Isaac Okorafor, made the clarification in Abuja on Monday.
    NAN reports that CBN on Sept 17 issued a circular to deposit banks to commence the implementation of the cashless policy in six pilot states across the country.
    The CBN explained that transactions would Olwaksa
    three per cent processing fees for withdrawal and two per cent processing fees for lodgement of amounts above N500,000 for individual accounts.
    Similarly, corporate accounts would attract five per cent processing fees for withdrawal and three per cent processing fees for lodgement of amounts above N3 million
    The apex bank directed that implementation should commence from Sept. 18 in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States, as well as the Federal Capital Territory (FCT).

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