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Nigerians Boycotts Banks, Protest ‘Crazy’ Bank Charges Online using #NoBankingDay

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Nigerians have taken to social media platforms to protest excessive charges imposed on them by commercial banks.

This is in continuation of widespread condemnation which greeted new monetary policies introduced by the Central Bank of Nigeria (CBN), that some experts termed “unnecessary extortion” that would further impoverish Nigerians.

 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.

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

And here is the trend stream: