One stipulation that is presently drawing the irk of many Nigerians amidst bouts of murmurings and condemnation is the charges that the Central Bank of Nigeria is imposing on deposit and withdrawal of funds exceeding N500,000. There is certainly a purpose for every action - at least for a revered organization as the CBN. But then, does the reason [as stated by the CBN] in this case justifiable? Well, let’s review the matter more closely and maybe a bit more analytically. Should the need to encourage the embrace of a cashless society bring about burdening individuals with charges rather than making moves to cut down on the already effected deductions - like the maintenance of accounts, debit cards and suchlike?
Just about the other day, I read in the news that four commercial banks were able to make N24.3 billion from account maintenance charges in within a period of six months. People have been disgruntling over the excessive charges that get deducted from their account and as though all these (deductions) were not enough, we are being hit by another hammer from the “power that be“. Does the CBN think it to be a wise choice to have business people take their cash to the bank; saving it there to pay either 2% or 3% [as the case may be] for even patronizing a financial institution in the first instance?
Legalizing extortion?
The charges on deposit and withdrawal on funds above N500,000 is nothing but another form of extortion and I do not really see much difference between what is being done here and what Lagosians usually witness from the ordeals of touts (commonly called ‘agbero‘) and commercial vehicle operators who are trying to make ends meet - Oh! The difference as you may point out is that one is literally and legally informed than the other but by the way of imposition, their M.O appears to be similar.
The economy is not so good - or bad without mincing words - but placing the burden on a man or woman who is still trying to find his/her footing in a particular business venture is nothing but an ignoble idea. This will never be welcome palliative measure to stabilize or raise the economy to a good standard; I believe there are other holistic measures that can be taken to correct things.
I have heard and seen certain individuals feeling less concerned since they are not used to having an amount as ‘huge‘ as N500,000 or more in their account. This is quite baffling and I wonder if this group of individuals know that ‘injustice to one is injustice to all‘. More so, if the government - through the CBN - could allow a levy to be imposed on a selected few with a ‘bulky‘ account [as we have in this case], how sure is one that it would not someday trample on the rights of the less privileged - well, I speak as a novice; isn’t this happening already?
Looking at it broadly; at the end of the day if these charges are continually deducted, who do you think will eventually bear the brunt? - The consumers, of course. And, in a nation where price regulation is left in the theoretical corridor, business owners affected by these charges will not even think it twice to raise the prices of commodities as they aim to make good profits from their businesses.
So, rather than looking for ways of alleviating the hardship of the masses, those in authority have found another means of heaping up the loads of uneasiness on the people. And, it is in view of the fore goings that I put this [to anyone with unimpaired conscience]: how can this thing be?