Following the introduction new  a new policy on cash-based transactions by the Central Bank Of Nigeria, CBN, – which stipulates charges on withdrawals and deposits on individual and coperate accounts – Former senator representing Kaduna Central has reacted.

According to the new policy from the apex bank, commercial banks are to charge 3% processing fee for withdrawals and 2% fee for deposits on individual accounts for cash transactions that exceed N500,000 and for coperate accounts, 5% charge on withdrawals and 3% charge on deposits for transactions that exceed N3,000,000

Note that these new charges are in addition to the already existing charges.

Reacting, Senator Sani expressed the new policy amounted to selective corporate extortion.

“The new directives to Banks amounts to selective corporate extortion.” – He tweeted.

However, it was stated that the new charges will only apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

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