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| CBN |
So friends, I am a bit confused . . .
The Central Bank of Nigeria, CBN, is asking bank customers to remain vigilant against excessive banking charges. . . so what exactly is the role of CBN???
These excesses have been perpetuated under the very watch of the CBN:
- You pay to get a debit card to withdraw your money from your account.
- You are charged a fee whenever you transfer money online or you withdraw money from an ATM.
- You pay stamp duty for every transaction over NGN 1000.
- Then to nail your coffin, you pay a Card Maintenance fee for the same card you paid to acquire.
Each year Nigerian bank announce huge profits without doing any real banking work of financial mediation. I guess it is time we cleaned the Augean Stables
