CBN news
CBN heaadquarters (Image: Guardian Nigeria)

Nigerians have condemned the plan by the Central Bank of Nigeria (CBN) to implement charges on transactions, Concise News reports.

This news medium reports that the CBN on Tuesday said customers making cash deposits or withdrawals above N500,000 will pay charges starting from Wednesday, September 18,  in line with its new policy.

Advertise With Us

According to the CBN, the “transaction fees” is to give vent to the bank’s policy designed to reduce cash in use.

The CBN said, “The transactions will 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.”

However, Nigerians have condemned the development, saying it will hurt the country’s economy.

They took to Twitter to lament that the move was against the interest of the “common man,” calling it exploitative.