By Wale Odunsi on February 27, 2017@dailypostngr

The Centre for Anti-Corruption and Open Leadership, CACOL has condemned the decision of the Central Bank of Nigeria, CBN to reintroduce charges on all cash deposits and withdrawals in bank transactions, describing it as exorbitant, exploitative and anti-poor.

The reintroduction of the policy will translate to charging 1.5% to 2% for deposits and withdrawals between 500, 000 and N1 million, beginning from April 1, 2017.

For amounts above N5 million, banks will charge individuals 3% for deposits, while withdrawals will attract a 7.5% charge.

Executive Chairman of CACOL, Mr. Debo Adeniran, in a statement on Monday said there is nothing logical about people losing their hard-earned money because they want to access bank services.

“It is also unethical to impose charges on customers as frequently as being done in Nigeria’s banking sector. At the end, these are just private-interest institutions that does business with customers’ money and astronomical profits as regularly declared in most of their books.

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