Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


MyNews24 is a user-generated section of News24 Nigeria. The stories here come from users.


Central Bank institutes criminal withdrawal fines on deposits

28 July 2015, 09:45 Peregrino Brimah

In a practice practically unheard of across the world and in the history of mankind, the Nigerian Central Bank has this July instituted fines for the withdrawal of personal and business deposits in banks across the nation.

What the new policy means is that for any Nigerian withdrawing more than ?500,000 any day he will be fined 3-5% depending on how much more cash he or she withdraws.

In this bizarre "cashless policy" initiated by former Central Bank governor, not only does withdrawal of your cash attract a fine but also as unbelievable as it sounds, Nigerian depositors are being charged 2% for making these deposits.

The former Central bank governor, Sanusi Lamido Sanusi who concocted this illegal levy was unsurprisingly a bank man, CEO First bank, and the taxation is being completed by another bank man, the current Governor, Godwin Emefiele who was also CEO of a Nigerian bank, Zenith.

The fines on deposits and withdrawals seized by the banks as can be imagined, do not go toward the federal treasury, or to charities but go to these banks owned by Nigeria's cabal and in which both governors, former managing directors have friends, shares and other vested interests.

Also Read: CBN bemoans failure to pay civil workers

A Nigerian customer reacted today on twitter:

@Mos_Hygh 20m"I don’t care if the CBN is trying to reduce the demand on USD, to charge me 5% withdrawal fees on money I kept for just a week is criminal."

We are not sure/convinced by what the publicized intent of this bank fine is. To discourage transport of cash because of thieves that Nigeria's government sabotaged security agencies fail to apprehend? To monitor 100% of private monetary transactions?

The explanation of this nationwide fine on bank customers cannot be comprehended in view of modern financial standards. It is unprecedented. Nowhere in the developed world are such fines slammed on the citizenry. Rather citizens are enticed by the banks to keep their money with them. "Rewards" and "bonus points" are given to customers for transactions in developed nations rather than they being fined and forced to keep their money with the institutions.

We have in the past listed a host of other fines and levies slammed on Nigeria's vulnerable populace by the banks.

See: CBN Governor Mr. Godwin Emefiele Drives Nigerians Like Slaves, See: A Banks Man: Expect Higher Charges with Godwin Emefiele as New CBN Gov-ENDS.ng, see: Cementing Dangote's Oligopoly & Nigerians in poverty, CBN bans importation of CementNOTICE: CBN Engaging in Fraudulent Anti-Citizen Policies In Contravention of 2007 Act and see: CBN: The Poverty In Sanusi Lamido Sanusi’s Legacy.

In Nigeria we have fines for transactions, fines for replacing debit cards, fines for receiving bank advert text messages, fines for using the ATM, fines for bank statements, fines for withdrawal tokens, "value added tax," and as many more exploitative ideas as the banks think up. In contrast, abroad customers do not get a single of these fines and levies. They can deposit, transfer and withdraw as much money as they want with not a cent taken in fines.

We charge the Nigerian executive and legislature to bring down the hammer on the Central bank that has under operation of bank men, conspired in executive, politician and cabal orchestrated frauds, looting from the nation's treasury and continually pursued a dangerous course to rob the Nigerian masses to the tune of billions in a ponzi scheme.

We urge the immediate termination of the regime of the bank governor and for bank mangers and bankers to never again be appointed in charge of the nation's central bank.

Banks should find more entrepreneurial ways of making money with our generous deposits in their charge rather than conniving with the Central bank to rob us for every service or disservice.

We charge Nigeria's attorneys and SANs to raise up a class action against the banks and Central bank on behalf of all Nigerians to regain the billions that we have been robbed off of in all these frivolous fines and levies. We are no slaves of the cabal. We demand our freedom.

- MyNews24

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

Read News24’s Comments Policy

Comment on this story
1 comment
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...