Outrage as Nigerians react to new CBN deposit and withdrawal charges

More reactions have continued to trail the Central Bank of Nigeria’s partial implementation of deposit and withdrawal charges for individuals and companies in Nigeria. This is part of the apex bank’s cashless policy which is supposedly aimed at protecting bank customers.

However, based on the complaints so far, it is obvious that many Nigerians would prefer to carry their money about in Ghana-must-go bags. As far as Nigerians are concerned, it is wrong for the CBN to introduce extra charges for withdrawals and deposit of cash, all for the purpose of implementing a cashless policy.

The reactions: Obviously angered by the development, Angela Tosin implied that those behind the policy and its implementation are all mad. She then further implied that despite their many educational qualifications, they cannot even make policies that protects the interest of Nigerians.

It really hurts to know that some of this policy makers and advisers are individuals with proliferated educational degrees.
Madness in the highest order! #cashlesspolicy

— Angela Tosin (@Angela_tosin) September 19, 2019

Much like Angela, Marvin Umebiye said the CBN’s cashless policy is stupid and a demonstration of “clueless leadership”. He even went as far as to allege that the President Buhari-led government wants Nigerians to remain impoverished.

#CashlessPolicy #nextlevel stupidity #cluelessleadership so now this government wants not to deposit cash above 500k, also not to spend on a pos machine above 1k, they want you all to poor and die in poverty. I hope the buhari supporters are enjoying the next level

— Marvin (@marvinumebiye) September 19, 2019

Peter Egwuatu said the policy is “stupid” and “nonsensical” and that God will punish everyone that is behind it. Obviously, this is hurting him on a whole different level!

Foolish policy! Nonsense! May God frustrate you people.

— peter egwuatu (@peteregwuatu) September 18, 2019

[READ: Buhari’s CBN policies may drag the Nigerian economy into crisis – Fitch]

Stephen Jones said the CBN is going about its cashless policy drive the wrong way. According to him, cashless policies are best implemented through the introduction and use of innovative and easier alternatives for transactions; not by “charging people under the guise of cashless policy”.

P.S: charging people under the guise of #cashlesspolicy is not a great move. You get to a place of cashless society through innovation and creating easier alternatives e.g wireless POS payment, Phone pay, USSD etc. Spread the adoption of these, teach traders on it (use corpers)

— Stephen Jones (@sokleva2) September 19, 2019

Immar also agreed that the policy is very insensitive. For him, Nigerians are already struggling to survive in a really difficult economy and the implementation of the cashless policy will only make things even harder. Instead of the cashless policy, Immar suggested that the CBN should focus on improving the electronic structure that is already in place.

Ah ahhh! After all the charges you still charge us to for deposits and withdrawal again? What sort of exploitation is this??? #cashlesspolicy #NextLevel pic.twitter.com/GajOoHnhzS

— immar__ (@Emmi_Don) September 19, 2019

This is very insensitive. Is having to trudge through a terrible economy not enough?The CBN should work on improving the present electronic transaction structure before deciding to charge 10k for every 500k. What nonsense!!!! #cashlesspolicy #NextLevel

— immar__ (@Emmi_Don) September 19, 2019

Meanwhile, Ebbe Farara pointed out that the Central Bank of Nigeria’s cashless policy could force people to resort back to the olden days of keeping their money in saving boxes instead of in savings accounts. This situation would be counter-productive to the apex bank’s financial inclusion drive, just as PwC’s Taiwo Oyedele noted yesterday.

500k minus 25k is too much for us.
CBN should pity for us,so we don't go back to our olden days of saving box. Have just got my own #CashlessPolicy pic.twitter.com/ajSrmUL5G6

— FARAFARA??????? (@ebbe_farafara) September 19, 2019

[READ: PwC’s Taiwo Oyedele critiques CBN’s newly-implemented cashless policy]

Enyinnaya is not happy that the leaders who are expected to implement policies that will make life easier for Nigerians are the same people complicating things. He even called out Nigeria’s President, reminding him that this is not the positive change he promised the people during his electioneering campaigns.

Welcome to Nigeria where the leaders expected to eradicate poverty are the ones making life difficult for the masses..?
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Just negodu crime and violence escalating beyond control.
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Mr President @MBuhari this is the #positivechange you promised Nigerians right?#CashlessPolicy pic.twitter.com/ZLDUWnoMMq

— Enyinnaya (@xtraordinaire73) September 19, 2019

Martins Sorinola came up with a possible alternative. According to him, the CBN should introduce a 10% to 15% VAT on transactions carried out by Nigerian senators. This is in view of the fact that their transactions are always in large amounts of money.

#CashlessPolicy

CBN should rather impose an increased VAT (say 10% – 15%) on our Senators Transactions who earn large sum of money on monthly basis who don't even care about costs of anything instead of on the Masses who are barely making ends meet.

— Martins Sorinola (@SorinolaMar) September 19, 2019

Shaba Baba Muhammad simply said the charges are becoming too much. Banks now impose charges on their customers for practically everything. It is no longer fun.

You deposit,they charge you. You withdraw,they charge you. You transfer they charge you. You withdraw your transfer,they charge U.

Weldone CBN

— Shaba Baba Muhammad (@spychief) September 18, 2019

Note that this morning, the Central Bank of Nigeria’s Director of Corporate Communications, Charles Okorafor, went on Channels TV to educate Nigerians more on the cashless policy. He basically stated that the policy is aimed at protecting Nigerians and their money.