Don Jazzy reacts to plan of CBN to charge for deposits & withdrawals above N500,000

Nigerian music producer, Don Jazzy has reacted to Central Bank of Nigeria (CBN)’s plan to impose charges on withdrawals and deposits above N500,000.



Central Bank of Nigeria on Tuesday, September 17, said that there would be an implementation of a policy which would signal the imposition of charges on deposits and withdrawals.

According to the circular, the charges, which take effect from Wednesday, September 18, will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

Following the announcement, Nigerian music producer, Don Jazzy reacted to the new policy and in a tweet expressed that the new policy reeks of a desperate move by CBN to generate revenue.

Although the policy aims to promote a cashless nation, Don Jazzy and some other social media users have opined that it will create hardship for business owners who have to deal with huge amount of cash on a daily basis.

Read his post below:

Sigh 😔. 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. 🤦🏽‍♂️🚶🏻#voiceofthedon https://t.co/6dgBRcpdqi

— ITS DONJAZZY AGAIN😉 (@DONJAZZY) September 18, 2019