#NoBankingDay: CBN In Denial About Excess Charges Tries To Cajole Nigerians


The Central Bank of Nigeria, CBN, has called on bank customers to be vigilant against excessive bank charges and channel complaints to appropriate authorities instead of participating in the boycott of banking services. The apex bank stated this in response to the boycott of banking services today called by Consumer Advocacy Foundation of Nigeria (CAFON).

The Central bank is pursuing a cause of denial that the charges being protested are the many official excess charges approved by it.

Charges including:

Stamp charge

Customers pay N10-50 per sms alert, even for bank error repeat texts; though bulk sms texts are offered to businesses by mobile networks at N1/sms.
Hardware token for security is issued at N2000 ($12);
Bank statements are charged at about N40/page;
Renewal ATM card is issued at a charge of N1000 ($6);
N500 monthly maintenance fee for current accounts ($3);
First Bank and Keystone Bank even have a N100 monthly ATM card maintenance fee!
You have the Value added tax—lol at “value.”
Even reference letters are fulfilled at a charge of up to N2000 ($12). Compare this to America for instance, where banks do not make money on COT, deposits or withdrawals and most of these additional bank services are offered for free to customers.
ENDS warned about Godwin Emefiele when Jonathan first appointed him in February of last year, that being a banker/banks man, expect him to lock us helpless masses in Guantanamo prisons while the banks, cabal and government officials bloat on our misery. Read that on ENDS.ng: “A Banks Man: Expect Higher Charges with Godwin Emefiele as New CBN Gov.”