Don Jazzy reacts to CBN's plan to charge for deposits and withdrawals above N500,000

Wednesday, September 18, 2019 at 3:15 PM by Khadijah Thabit

- Nigerian music producer, Don Jazzy, has reacted to Central Bank of Nigeria (CBN)'s plan to impose charges on withdrawals and deposits above N500,000

- In a recent post shared on his verified Twitter account, the producer accused CBN of being desperate to generate revenue

- However, several other social media users have mixed reactions about the new move

Legit.ng earlier reported how Central Bank of Nigeria on Tuesday, September 17, said that there would be an implementation of a policy which would signal the imposition of charges on deposits and withdrawals.

According to the circular, the charges, which take effect from Wednesday, September 18, will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

It added that the nationwide implementation of the cashless policy would take effect from March 31, 2020.

Following the announcement, Nigerian music producer, Don Jazzy, reacted to the new policy. In a tweet, he noted that the new policy reeks of a desperate move by CBN to generate revenue.

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Although the policy aims to promote a cashless nation, Don Jazzy and some other social media users have opined that it will create hardship for business owners who have to deal with huge amount of cash on a daily basis.

Read his post below:

Reacting to Don Jazzy's comment, some Nigerians described the situation as sad.

Read some of the reactions below:

Some are wondering why it feels like everyone is trying to exploit the people.

For some others, such policies only favour the upper class while the lower class continues to suffer.

Meanwhile, Legit.ng previously reported that the Federal Executive Council (FEC) approved the increase in Value Added Tax (VAT) rate to 7.2% from its previous 5%.

The minister of finance, budget and national planning, Zainab Ahmed, made this known to journalist at the state house after the FEC meeting on Wednesday, September 11.