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Nigerian banks in disguise

11 September 2014, 08:12 Jibunor George Chuks

As far as this country is concerned! You can do anything and get away with it. Must the poor suffer for the rich? Every pain of the world is been heaped upon the shoulders of the poor masses. The central bank of Nigeria hasn't done anything much but only to increase ways in which banks will be strutting money from poor people without considerations.

Former governor; Sanusi Lamido in his capability was condemned but to so many Nigerians he did well when he stopped the heavy charged interest rate by banks when a customer use automated transfer machine(ATM) to do withdraws from other banks that is not yours. This actually affected the banks because the hundred Naira(100) interest was no longer favourable to them. This resulted for lack of commitment on all the banks from loading money in the ATM machine when it get's exhausted by the customers. I know, that so many people have been working against it. When customers have issues with withdraws in ATM machines.

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The complaints they lay to their banks are nonchalantly followed, because to them they are not benefiting anything from it. Thus, after Sanusi was fired, Sarah Alade was appointed as acting governor before Godwin Emefiele took over and resumed on June 4. He is described as steady and deliberate; “a stabilising and positive force”. Was the former chief executive of Zenith Bank, Nigeria’s second-largest bank by assets, sat on the Zenith Bank’s credit committee and watched risks with the eyes of a hawk.

His mandate was to keep the inflation rate, which reached 7.9 percent in April, inside the 6 percent to 9 percent target band. He will, together with other members of the Monetary Policy Committee (MPC), decide whether or not to keep the Naira at the mid-point currency peg of N155 to a dollar. Emefiele’s measured decision-making approach should be complemented by other MPC members. Though there are suggestions that the Naira should be allowed to depreciate a little bit to hasten the accretion of foreign exchange reserves, the in-flow of portfolio investment, “hot money”, has may incentive's the CBN to keep the currency steady; the 2015. But what has been his first duty, is to first reverse the charge interest rate from banks when customers do transactions with other banks by using ATM machines. This is bizarre. This was the gift he presented to Nigerians on the first of September 2014, its a big shame. They now charges when you make withdraws from banks that is not yours with the use of ATM's. Where are we going to? Nigerian banks are defrauding the masses. The massage alert charges is not enough. Big shame to people that sat and approved this. God deliver us.

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