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CBN Has Re-introduced COT In Banking - Business - Nairaland

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CBN Has Re-introduced COT In Banking by ruffhandu: 8:55am On May 07
I am posting this in this section because I think it is politically motivated. Long ago, CBN removed COT (aka N5 per mil), which is the deduction of N5,000 for every N1m debit on a current account. Even before it was removed, other charges were introduced. This government has introduced many levies and taxes since inception, while at the same time removing almost every form of subsidies. These have led to economic strangulation of Nigerians, who struggle to feed daily with little or no hope of salary increment.

Increasing the salary of workers has been like a WWE fight between labour and FG. We are only praying the new wage become a living wage indeed. While governors like Obaseki has increased Edo state minimum wage by 75%, some governors are threatening to not comply with whatever FG comes up with if 'they cannot afford it'. Nigerian leaders are indeed cut-off from the people they lead, or so they pretend to be. The hardship people are going through now is actually unimaginable.

I spoke with a bank worker whose salary has only increased from 70 to 115k between 2021 to date. He struggles to pay a 250k house rent. If he commits any financial crime now and gets caught, he will likely be jailed. The economic mess the average Nigerian has been plunged into now is such that only the strong-hearted will not give any listening ear to the silent voice calling for suicide. The hardship has been increased by the increase in the prices of goods and services, which is caused by the actions of the government, directly.

Right now, the government categorically told poor Nigerians that they are not entitled to even up to 20 hrs of power supply daily, they can only get about 4 hrs. Which government profiles the poor like this one? Even the rich is being scammed by the government by making them pay N225 per KW with a promise of 20 hrs of electricity a day. The power companies are not penalised for not fulfilling their part, but the people are penalised for not paying up. Nigerians are in a mess.

The COT issue is now rebranded and called cyber-security levy. Instead of the government to make the banks liable for any cyber insecurity on their part, they are charging the citizens to fund people's private businesses. The banks are not doing badly with the current charges and withdrawals from people's banks accounts, most validated by the trillions they post as annual revenues, yet, the masses would have to contribute for them to secure their cyber systems.

If this introduction will stop hackers and scammers, I would applaud, but the problem is that there will be absolutely no change in the banking cyber space as a result of this new fee. To put this in perspective, for every 100k you transfer from your account, you will be charged N500. Before, this levy (COT) used to only apply to current accounts (which made such accounts only billed for premium customers). But now, the poorest of the poor cannot enjoy any form of banking services without paying through their nose.

We dey watch.

https://punchng.com/cbn-orders-banks-to-charge-0-5-cybersecurity-levy/

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Re: CBN Has Re-introduced COT In Banking by Franklyspeakin: 9:04am On May 07
Tinubunomics
Re: CBN Has Re-introduced COT In Banking by Nightwolf1: 9:23am On May 07
grin Everybody go hearam.

Animals of the state supporting failures day and night, oya go and transfer #1,000,000 and pay Thief'nubu #5,000 from your own pocket in the name of cyber security.


This is to tell you Thièfnubu has nothing tangible to offer Nigerians. He is astute in taxation and economic malfeasance.

It's a pity a criminal is the president of Nigeria.
Re: CBN Has Re-introduced COT In Banking by Stanleymaster1: 9:39am On May 07
Tinubu have not done one single meaningful thing since he asumed office. From bad leader to worse .

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Re: CBN Has Re-introduced COT In Banking by ruffhandu: 10:10am On May 07
Nightwolf1:
grin Everybody go hearam.

Animals of the state supporting failures day and night, oya go and transfer #1,000,000 and pay Thief'nubu #5,000 from your own pocket in the name of cyber security.

This is to tell you Thièfnubu has nothing tangible to offer Nigerians. He is astute in taxation and economic malfeasance.
It's a pity a criminal is the president of Nigeria.
This, unfortunately, may be the truth.
Re: CBN Has Re-introduced COT In Banking by Pennywise2: 10:13am On May 07
Just because of minimum wage
Re: CBN Has Re-introduced COT In Banking by ruffhandu: 12:27pm On May 07
Pennywise2:
Just because of minimum wage
The leadership team is absolutely insensitive

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