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CBN Oppressive Cashless Policy: We need Soludo Now!

By Eneh Victor Chigozie

Thank God Prof Charles Chukwuma Soludo is a member of the Economic Advisory Team of President Muhammadu Buhari.

This is should be his new task.

Soludo should tell Mr President that the 3% deposit and withdrawal charges imposed by the Central Bank of Nigeria [CBN] of which Anambra State is one of the pilot states will negatively affect Igbo traders in Onitsha, Nnewi, Awka, Ekwulobia, etc.

These Igbo traders sell in cash and at the end of the day move their cash to bank.

Let me be practical here.

The author, Eneh Victor Chigozie

The new bank charge policy means that if you deposit about one million naira, the bank will deduct 3%, that’s 30,000 naira from your money. You will be left with 970,000 naira.

The negative implication on our traders is this:

Most of our traders do not sell with much profits especially ‘provisions.’ The profit in selling a carton of tomato worth 5,000 naira may be only 200 naira. The gain in a carton of indomie worth 2,000 naira may be 80 naira.

Therefore a tomato wholesaler that sells 200 cartons of tomato at 5,000 naira a day will have 1,000,000 naira with profit of 40, 000 naira.

If he takes the 1 million naira to the bank to deposit, the federal government will take 30,000 naira as deposit charge and he is left with 970,000 naira.

It means that his gain of 40,000 is almost gone.

Out of that profit of 40,000 naira, federal government takes 30,000 naira and he is left with only 10,000 naira.

Federal government will take more from your profit and leave you with little. The bank will still charge you CoT, ATM card maintenance fee, etc.

This is the new FG policy. Our traders are going to be most hit.

Prof Soludo should do something. It is an economic policy that will affect negatively those he expects to vote for him in 2021.

He has to advice the Presidency properly.

See the table of transaction charges for deposits below:

Customer Type Transaction limits Charges for withdrawals Charges for deposits
Individual Above N500,000 3% 2%
Corporate Above N3,000,000 5% 3%

See the oppressive CBN directive below:

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