We have a huge problem on our hands! I received a text message from Stanbic IBTC this morning that it has commenced, with immediate effect, charges on Naira cash deposits in Lagos, Abuja, Ogun, Kano, Abia, and Rivers State.

Sanchez01:
We have a huge problem on our hands! I received a text message from Stanbic IBTC this morning that it has commenced, with immediate effect, charges on Naira cash deposits in Lagos, Abuja, Ogun, Kano, Abia, and Rivers State.

why only 6 state?

cenaman:
why only 6 state?

I sincerely have no idea. Although the initial report mentioned that it would be a nationwide thing by March 2020, it didn't say anything about those six states other than a 3% charge for lodgments on sums above N3 million.

My best guess is that the CBN chose the states based on their banking activities.

We have a horrible economy, yet we are going the American way in banking. This policy is anti-people.

Sanchez01:

I sincerely have no idea. Although the initial report mentioned that it would be a nationwide thing by March 2020, it didn't say anything about those six states other than a 3% charge for lodgments on sums above N3 million.

My best guess is that the CBN chose the states based on their banking activities.

We have a horrible economy, yet we are going the American way in banking. This policy is anti-people.

Honestly every system in the country is going backward.

cenaman:
Honestly every system in the country is going backward.

The system is designed to fail. Either deliberately or otherwise.