Mixed reactions trail reintroduction of charges on cash deposits, withdrawals

Forex: CBN intervenes with another $210 million
CBN building
United Bank for Africa

Mixed reactions have continued to trail the reintroduction of bank charges by the Central Bank of Nigeria (CBN) on cash deposits and withdrawals.

Some bank customers in Ilorin who spoke with Newsverge on Friday, expressed different views on the CBN’s decision.

Mr Dipo Fatokun, CBN’s Director, Banking and Payments Department, had said that the decision to reintroduce the charges was consequent upon the review of charges on deposits and withdrawals in the cashless policy.

Mr Lukman Yahaya said the timing of the policy was wrong considering the economic situation in the country.

“The new policy is uncalled for with the present economy of the country.

“I am a commercial farmer and we borrow huge money from banks to carry out our farming activities, this policy will have adverse effect on us,” Yahaya said.

Another customer, Mrs Josephine Adebare, said the development would discourage customers from seeking bank facilities.

“Personally, I believe those charges are not right, especially when CBN is talking about financial inclusion and financial literacy.

“The importance of finance inclusion is to bring more customers into the saving culture; with reintroduction of charges, it might discourage depositors and those seeking other banking facilities,” Adebare said.

However, the Chief Executive Officer of Sure Doors, Adebowale Olugbenga, and also a bank customer, expressed supported for the policy, saying that it would reduce money laundering in the financial sector.

“It will be easy to control illicit funds that go to kidnappers, especially. To me, it is a good development,” Olugbenga said.

Also, the Chief Executive Officer, Emmertex Superstores, Mr Hilary Okhifo, said the policy was a welcome development, adding that it would reduce movement of cash.

“It will help to check unnecessary withdrawals, people will only withdraw money when it is necessary,” Okhifo said.