The Constance Shareholders Association of Nigeria, CSAN, has called for participation of all Nigerians in the boycott of banks themed ‘No Banking Day’.
The Protest organised by Consumer Advocacy Foundation of Nigeria (CAFON) and Coalition of Nigerian Consumer Protection Association which holds today, March 1, 2016 according to the association’s National President, Mr Shehu Mikail, is in protest against Excessive Bank Charges.
Mikail explained that the directive of the Central Bank of Nigeria, CBN, that customers be charged the sum of N50 on deposits from N1,000 and above as part of the country’s stamp duty law on financial transactions is not a welcome idea.
He disclosed in an interview with News Agency of Nigeria in Lagos that; “Apart from the above, there are other silent charges administered by Nigerian banks”, adding that the Federal Government’s attention must be called to the excessive charges by the Nigerian banks.
Mikail stated that the imposition of the charges is another way of taxing the masses which will dither discourage people from banking altogether, he urged the Federal Government to come up with a good economic plan on how best to restructure the ailing economy of the nation.
“Nigeria is largely under-banked especially in rural areas, so, this type of policy will worsen the situation, in particular for traders doing business in the rural areas.
“It will have negative effect on the cashless monetary policy that is already in place.
“The CBN should jettison this method of taxation and come up with a monetary policy that will strengthen the naira to grow the economy,
instead of putting another tax burden on the people.
In support of the protest he said; “All bank users must avoid any financial transactions on March 1 and if you must, avoid banks.”