A Passionate Appeal to Nigeria’s Apex Bank

A Passionate Appeal to Nigeria’s Apex Bank

We appeal to the new CBN headship to review the heinous cashless policy invented by Sanusi.

Nigerians are made to pay tax 4 times. First, you pay to the government to earn your money.

Secondly, you pay 3% to the banks for any deposit above 500, 000 naira.

Thirdly, you pay another 3% when you want to withdraw the same money if it’s above 500,000 naira.

And the fourth is you pay another tax to the banks if you write a cheque above 150,000 naira.

This policy is antagonistic to the middle class. It is a contemporary way of further impoverishing Nigerians, while making the rich who by the way own the banks richer.

Again, the popular explanation of trying to attenuate armed robbery attacks in the country by making society cashless is not tenable. This is because in a bid to avert/avoid the extra charges people now visit the banks more frequently to structure their withdrawals thereby making them easy targets for armed robbers. Who is fooling who? This policy is elitist to defraud Nigerians and this must stop!

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