Don Jazzy Reacts To CBN's Plan To Charge On Deposits, Withdrawals Above N500,000

Following the Central Bank of Nigeria's (CBN) recent announcement that the full implementation of the cashless policy will become effective from March 31, 2020, Nigerians have been reacting.

 

According to the circular, the charges, which takes effect from today, 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.  

 

In the circular titled: “Re: Implementation of the Cashless Policy,” that was addressed to all banks, it announced the commencement of charges on deposits in addition to already existing charges on withdrawals.  

 

Nigerian celebrity, Don Jazzy is not happy with the news as he has taken to Twitter to react.

 

Don Jazzy wrote, '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'.

 

See his post below: 

 

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