CBN To Reintroduce Cash Handling Charges For Bank Customers

Image: PremiumTimesNG

Christmas is about to be a sad time for Nigerians.

And the Central Bank of Nigeria (CBN) joins the list of all the things making Nigerians have a stressful season. In addition to the hectic traffic jams, expensive costs of items and fuel queues that are plaguing Nigerians this December, CBN plans to re-introduce its cash handling charges for bank customers.

The CBN plans to re-introduce the cash charges for both deposits and withdrawals.

This comes after its board of directors approved the full implementation of the cashless policy. Adebayo Adelabu, Deputy Governor, Operations of the CBN, made this known while giving a speech at the annual dinner of the Nigerian Electronic Fraud Forum (NEFF) in Lagos. He said:

The committee of governors has approved the implementation of the full cashless policy yesterday and the CBN will release a circular which will detail out the process of re-adoption of the policy this week.

This same policy was reversed by the CBN after a public outcry back in April.

CBN implemented the policy that had Nigerians paying 1.5% and 2% for deposits and withdrawals from N500,000 and N1 million in the individual category as well as 2% and 3% for amounts above N1 million to N5 million; and 3 percent and 7.5 percent for amounts above N5 million. Even corporate accounts were not exempt.


So the CBN wants us to pay banks for handling our money?

Money that the banks make money off of.


Image: Giphy


Maybe it’s high time we all built bunkers in our houses.

Image: Giphy


How can you implement cashless policy when some banks’ debit cards don’t even work?


Image: Pinterest


Like what exactly is the CBN thinking?