The Charges ranges from N50 Stamp duty on a transaction above N1000 to N3000 fee for every N100,000 after the first N500,000 withdrawal. The charges also includes: SMS Charges for transaction notifications, VAT and in some cases, unexplained charges for maintenance fees.
Foreign transactions made from a Naira denominated account are charged at parallel market (Black Market) rate as against the official rate of N199 as fixed by the CBN.
This development prompted a civil society organization CAFON and some activists to rally Nigerians and declared Tuesday, March 1, 2016 #NoBankingDay. The idea was to get bank customers boycott the banks today and stage a protest online using the hashtag #NoBankingDay.
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While some heeded the call for boycott, others simply went about their their normal business in the banks.
Below are some of the tweets shared by Nigerians to protest these charges.
#NoBankingDay what is card maintenance fee sef? Are you helping me to dust the card? u already trade with my money, and give me nothing back
— Adesewa josh (@adesewajosh) March 1, 2016
WE GET CHARGED 4:
1.Checking account balance via phone
2.ATM transfer
3.ATM usage per month
4.Stamp Duty
5.ATM Maintenace fee #NoBankingDay— THE Samuel’s LEGACY (@iAmSamuelaboki) March 1, 2016
I understand that the #Nobankingday is today… If you can, please avoid banks for today…just one day won’t kill… #Nobankingday
— The Godfather (@Ayourb) March 1, 2016
Don’t wait till Banks start charging you for just walking past their branches #NoBankingDay
— Omo GbajaBiamila (@OccupyNaija) March 1, 2016
Stamp Duty 4 Dangote on N1 billion = N50. Stamp Duty on my meagre transfer to my cousin in school of N1200 = N50. Is it fair? #NoBankingDay
— Olaudah Equiano® (@fickky) March 1, 2016
The one that kills me the most is why I should pay for ATM cards & also pay my bank for the maintenance. Inúkwa! #NoBankingDay @gidi_traffic
— Mazi ChukwudiNma (@George_Chukz) March 1, 2016
And here is the trend stream: