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.