Bank charges: Don jazzy has reacted to CBN's lattest policy

Nigerian music producer and CEO of Mavin Records, Don Jazzy has reacted to CBN’s latest policy to attach charges to cash deposits or withdrawals made by customers.

FAZENOTE TV reports that the Central Bank of Nigeria announced that deposits or withdrawals above N500,000 by customers will attract charges going forward.

The objective of the “transaction fees” is to give vent to the Central Bank’s policy designed to reduce cash in use.

CBN Payments System Management Department Director, Sam Okojere on Tuesday announced the take-off of the charges in a statement.

However, reacting via Twitter, Don Jazzy said the purpose of the new policy was an act of desperation to generate revenue.

“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”, he wrote.