Nigeria’s renowned music producer, Don Jazzy has reacted to the new bank charges introduced by the CBN as part of its cashless policy implementation strategy.
The Central Bank of Nigeria (CBN) announced that the full implementation of the cashless policy will become effective from March 31, 2020.
However, in the circular titled: “Re: Implementation of the Cashless Policy,” that was addressed to all banks, it announced that today, September 18 is for the commencement of payment of charges on deposits in addition to already existing charges on withdrawals.
According to the circular, the charges would attract three per cent processing fees for withdrawals and two per cent processing fees for lodgements of amounts above N500,000 for individual accounts. (Read more here)
Like many Nigerians, Don Jazzy is not pleased and has reacted, saying, ‘my dear the whole thing just reeks of a desperate move to generate revenue. When they load their own stolen money in the bank, they don’t care whatever charges they have to pay’.