Nigerian Lawyers Kick Against CBN New Charges On Withdrawals

Nigerian Lawyers Kick Against CBN New Charges On Withdrawals

Lekki Forum of the Nigerian Bar Association has rejected the newly introduced plan of the Central Bank of Nigeria

Nigerian Lawyers Kick Against CBN New Charges On Withdraw also commence imposition of charges on deposits and withdrawals above N500,000.

The lawyers in a statement jointly signed by Chairman of the Chapter, Oladotun Hassan, and Secretary, Ayodele Ademiluyi, described the charges as “evil, inhuman and wicked”, adding that the President Muhammadu Buhari-led administration is set to make life difficult for Nigerians.

“The obnoxious charges is evil, inhuman and wicked at a period when majority of Nigerian citizens are finding it difficult by the day to make ends meet under an inflationary and battered economy,” the statement read.

It added, “It is becoming clearer by the day that the current President Muhammadu Buhari-led regime in power is set to make the year 2020 a year of economic armageddon for the citizens of the country.

“The inference is based on the imposition of Value Added Tax hike on Nigerians with commencement in year 2020 and to add insult to injury, Nigerians who are struggling to make ends meet under an inflationary and battered economy would have to pay unwarranted charges through their nose.”

The lawyers called on Nigerians to rise and resist this “economic armageddon visited on the citizens of the country without prior consultation”, while also urging civil society organisations to strongly resist the charges.

Nigerian Lawyers Kick Against CBN New Charges On Withdrawals
Nigerian Lawyers Kick Against CBN New Charges On Withdrawals

Deposit Charge Only On Excess Limit, CBN Says

The Central Bank of Nigeria (CBN) says the charges on deposit and withdrawal on the savings account will be carried out on the excess of the limit it has set.

Nigerians have been enraged over the 2% charges on savings account or withdrawal or deposit above N500,000.

The Lekki Forum of the Nigerian Bar Association condemned the new policy, describing it as evil and obnoxious.

Reacting to the criticism that has trailed the new policy, CBN said the charges will only apply on the excess of N500,000.

“The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit cash of N501,000.00, N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00,” the apex bank said.

CBN  also directed the strict implementation of merchant service charge, which would impose more charges on all point of sale (PoS) transactions.

Suspend New Charges On Transaction, Lawmakers Tell CBN

The House of Representatives has directed the Central Bank of Nigeria to immediately suspend the new charges placed on Nigerians under its new cashless policy.

The apex bank had announced an increase in charges on withdrawals and deposits exceeding N500,000.

But in a plenary session on Thursday, the lower legislative chamber ordered the apex bank to suspend the policy until appropriate consultations were made.

A tweet on the official Twitter handle of the House of Representatives reads, “The @HouseNGR has urged the Central Bank of Nigeria to suspend its recent directive to banks on cashless policy, which seeks to have individuals and corporate organisations charged for deposits and withdrawals respectively.

“The suspension is until appropriate and comprehensive consultations are made and the outcome of the interface of the House on the matter is concluded.”

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