WILL NIGERIANS BOYCOTT BANKS ON TUESDAY?

If Nigerians heed the call by the Consumer Advocacy Foundation of Nigeria (CAFON) and Coalition of Nigerian Consumer Protection Associations, banks across the country, on Tuesday, March 1, will be empty.

The group wants Nigerians to boycott the banks on that day in protest against alleged arbitrary charges imposed on customers by the financial institutions. This is coming weeks after the Central Bank of Nigeria (CBN) imposed N50 on customers as compulsory stamp duty on deposits of N1,000 and above. The charge, however, is collected on behalf of NIPOST and the Federal Government and it goes to the Federation Account.  Only last week, the CBN said it got banks across the country to return excess charges, estimated at N6.2billion, to customers. Our investigations revealed that, aside  normal bank charges associated with daily transactions, depositors are exposed to many hidden charges as well as what financial experts described as arbitrary charges.

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