Don Jazzy livid over CBN’s charges on deposits, withdrawals above N500,000

Music producer Don Jazzy has lamented the Central Bank of Nigeria’s (CBN) decision to apply charges on deposits and withdrawals effective today Wednesday, September 18.

A statement on Tuesday, September 17, addressed to all banks, said charges of 2%processing fees for lodgments and 3% processing fees for withdrawals would be imposed on amounts above N500, 000 for individual accounts.

Additionally, corporate accounts would attract 3% and 5% processing fees for lodgements and withdrawals of amounts above N3,000,000 respectively.

However, the announcement has triggered a wave of anger on social media, with many Nigerians questioning the move and its implications.

Reacting to the proposed development, Don Jazzy in response to a tweeter wrote, “My dear the whole thing just reeks of a desperate move to generate revenue. When they load their own stolen money in the bank, they don’t care whatever charges they have to pay.”

The charges on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers states as well as the Federal Capital Territory (FCT) until the policy is fully rolled out in March 2020.

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