CBN Introduces New Charges On Bank Deposits and Withdrawals

Godwin Emefiele,Gov CBN.

Saving culture attitude may be gradually eroded if CBN(Central Bank Of Nigeria) should go ahead with the new policy.Depositors between 500,000 and 1million naira will pay 1.5% on deposit and 2% on withdrawal.This is also applicable to deposit between 1million naira to 5million with 2% charges on deposit and 3% on withdrawal.
How will these extra charges improve the banking experience of banks customers, on what premises is the increase based on.There is free fall of naira to dollars on daily basis, a proactive government should arrest that not adding more burdens on the masses

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ECONOMIC INDICATORS

18.72% inflation rate is killing. Nigeria | Economic Indicators Overview Last Reference Previous Range Frequency GDP Growth Rate 8.99 % Sep/16 0.82 -13.7 : 9.19 Quarterly Unemployment Rate 13.9 % Sep/16 13.3 5.1 : 19.7 Quarterly Inflation Rate 18.72 % Jan/17 18.55 -2.49 : 47.56 Monthly Interest Rate 14 % Jan/17 14 6 : 14 Daily Balance of Trade -27238 NGN Millions Sep/16 -32445 -592201 : 2177553

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