Nigerians react to new CBN policy on bank deposits and withdrawals

Nigerians have taken to social media in reaction to the new policy by the Central Bank of Nigeria, CBN.

The new policy sees a transaction fee to be paid for deposits and withdrawals above N500,000 in a bank.

The new policy which began today was announced on Wednesday by the CBN Payments System Management Department Director, Sam Okojere.

“The transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.

“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million.

“The charges will, however, only apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory (FCT),” he said.

See reactions from Nigerians below.



  1. frequency

    September 18, 2019 at 6:00 pm

    This is complete Bullllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllshit…
    Total nonsense…

    They are creating NEW road map, pathway and an arena for corruption…

    shey the money YOU guys are looting upandan isn’t enough?
    You sha wantu drain life off the poor hustling masses, trying very hard to meet ends meet…

    why are you this WICKED????????

    NIGERIA…………way forward!

  2. Austine ifeanyi chukwu

    September 18, 2019 at 6:27 pm

    its right time Nigeria people use there brain.
    Emerging CBN and there new news to Nigerians.
    it’s right we stop saving our money with them and make use of it in any investment that can bring you more money 💰 💰 to the one you have fellow Nigerians.
    start investing on the following things like.

    beuding and renting it out to people….
    byein and selling (inport and export). And many more of them and leave them. after using our money’s for businesses.they are steel demanding money from us from depositing and wildrwoying.

  3. Ofojebe Francis

    September 19, 2019 at 12:52 am

    The wise financial expert at the Apex bank would have made it 50% lodgment and same withdrawal for southern Nigria and the banks should pay northerners 100% of their L and W. One Naija. yeye

  4. Gwakzing Nanpon

    September 19, 2019 at 3:38 am

    this is total exploitation Mr emefele. What is the best meaning of the nonsense . The CBN governor is not helping us at all

  5. Ahmad Bashir

    September 19, 2019 at 5:44 am

    I seriously regretted for electing Buhari as my president! this is the worst government I ever see

  6. Anonymous

    September 19, 2019 at 7:46 am

    It’s only inhuman, sadist and unpatriotic beings like those in charge of money and power in Nigeria that will sit only to deliberate on scrutinizing the common people who take loans for businesses, pay rents and bills, now will have to pay extra 2 to 3 % again in order to bank. It baffles me if democracy really means government for the people, or government for her officials. Some countries thinks of improving life’s and living, Nigeria thinks of suffering and hardship, ruthless leaders.

  7. Eedris

    September 19, 2019 at 12:32 pm

    It’s good for everybody .sebi una vote buhari

  8. Anonymous

    September 19, 2019 at 2:50 pm

    bad people, bad leaders and they say I want to fight corruption, this is another strategy to make it hard for masses to live, later they will use EFCC and SARS to fight yahoo boy idiot people

  9. Michael Joy

    September 19, 2019 at 3:08 pm

    Government is not making life easy for Nigerian youths. Unemployment rate and crime is alarming, no enabling environment for employers. Those who managed to employed are imposing unnecessary high vat. Imagine when you’re not relying on government, trying to earn a living and then you are charged for your hard earned money!!! NIGERIA IS FINISHED. I see this as total rubbish.

  10. muhammad Alkali

    September 19, 2019 at 4:31 pm

    Why now f.g.
    Apart from useless card maintaainance and other bank charges!???Thank God am not in Kano Abj amd other states mentioned.

  11. BEGHA Emmanuel Heart

    September 19, 2019 at 9:05 pm

    Please you people should stop the complains. Why? cause the only way this country will move forward is when there is money, not money in the banks but the money out to public marketing, development, investment, financial services etc and not when is in the banks that all these processes can be done. So please let’s not look at it in only way. Is hightime we Nigerians move from where we were to get to the point where we are supposed to be……. Peace out

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