The Central Bank of Nigeria (“CBN”) recently reintroduced bank charges on select cash deposits and withdrawals in the country. The objective of this policy, according to the CBN, is to discourage customers from frequently depositing and withdrawing cash because “cash is expensive to process and transport”. However, these new charges have generated a lot of backlash and controversies among bank customers and stakeholders. In this article, our Kofoworola Oyegunle provides more insights into the new policy.
