Nigerian music producer and CEO of Mavin Records, Don Jazzy has reacted to CBN’s latest policy to attach charges to cash deposits or withdrawals made by customers.Central Bank of Nigeria announced that deposits or withdrawals above N500,000 by customers will attract charges going forward.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. However, reacting via Twitter, Don Jazzy said the purpose of the new policy was an act of desperation to generate revenue.“When they load their own stolen money in the bank, they don’t care whatever charges they have to pay”, he wrote.
The bank charges will destroy our SMEs and stifle growth in the economy. Its against the spirit of financial inclusion
I agree with Don jazzy.... If you withdraw money CBN will charge you if you deposit CBN will charge you.
Where is our NLC abi them don bribe them stupid and useless Leaders . How far for those wen vote APC in Are they better than Goodluck Jonathan that was voted out ? Awon werre the suffer we all go feel am
Generating revenue to fuel their greed's
This is what Nigerians deserve, especially those who voted /rigged in this government. When the head 8th sick the whole body is affected.
We voted for tyranny, tyrant is our portion. We must have sense by force
Revenue that will be looted at the end of the day...smh
Agreed. It’s legit corruption
When a government thinks they are the only citizens of a country, this is what you get
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Don't Kill Protesters, Learn From Hong Kong Police, Don Jazzy Tells Nigerian Police | Sahara ReportersDon't Kill Protesters, Learn From Hong Kong Police, DonJazzy Tells PoliceNG | Sahara Reporters He also advised the police to avoid the use of excessive force in civil protests, which is an infringement on the rights of citizens in a democracy. READ MORE: Them tell you say our Nigeria police get sense Na to beg drivers 100 naira for road block them sabi DONJAZZY PoliceNG How can they learn when they are still in an analogue age? They kill tax payers with tax payers money. I believe our constitution is different from theirs
Source: SaharaReporters - 🏆 9. / 63 Read more »
CBN Unbundles Charges On Electronic Merchants CollectionsCBN Unbundles Charges On Electronic Merchants Collections To further promote a cash-less economy and enhance the collection of applicable government revenues, the Central Bank of Nigeria (CBN) has announced a
Source: LeadershipNGA - 🏆 4. / 77 Read more »
Bank customers begin payment of charges for deposits, withdrawal of cash - Daily Post NigeriaThe Central Bank of Nigeria, CBN, has said customers making cash deposits or withdrawals will pay charges beginning from today in line with its new policy. Failed State We are doomed Kaduna nko
Source: DailyPostNGR - 🏆 11. / 59 Read more »
‘Nigeria needs unified exchange rate’ - The Nation NewspaperNigeria operates a multiple exchange rate regime, which the cenbank has defended but the IMF has faulted the multiple exchange rate regime and asked the country to unify its exchange rate. IMFNews Lagarde IMFSpokesperson IMFLive
Source: TheNationNews - 🏆 6. / 69 Read more »
Four banks generate N24.3bn from account maintenance chargesRobbers Banks are thieves Nigeria BankFraud segalink rubies_ng
Source: MobilePunch - 🏆 8. / 63 Read more »
CBN imposes additional charges on transactions on individual bank accountsThe CBN said the charges would be in addition to already existing charges on withdrawals, and will be aimed at encouraging it's cashless policy. A deposit of N500k will attract N10,000 in deposit charges in addition to SMS, COT, VAT, Acct. Maintenance, Stamp duty, money transfer & all other covert charges. So much for banking the unbanked, cashless policy, SMEs support, poverty alleviation rhetorics etc. Wow, just wow. Exactly why bitcoin would take over the fiat banking system. Next Level!
Source: PremiumTimesng - 🏆 3. / 78 Read more »