‘This is corporate extortion’ – Shehu Sani reacts to CBN’s new policy on cash withdrawals, deposits

Senator Shehu Sani, a former lawmaker representing Kaduna Central at the National Assembly, has reacted to Central Bank of Nigeria, CBN’s latest policy to attach charges to cash deposits or withdrawals made by customers.

Recall that the Central Bank of Nigeria had 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, Sani described the new policy as corporate extortion.

He wrote: “The new directives to Banks amounts to selective corporate extortion.”