Nigerians do the maths! The CBN on the first day of July 2014 began what we now know as the cashless economy. I supposed that introducing this innovation is to encourage more Nigerians to use the electronic means for transacting businesses. I imagined the intention was to make the queuing times at the banks a thing of the past. But in a policy somersault against all known common senses, the CBN intends to charge N65 per ATM withdrawal and Nigeria has approximately 10 million withdrawals per day, that is freaking 6.5 Billion Naira per day. My questions are these,does it cost this much to manage withdrawals from the ATM per day including logistics of loading cash into the ATM nation wide? Are the profits from these ATM transactions above the valuable times wasted and resources lost while waiting senselessly at the banks? Nigerians, If we dont protest this absurdity then I would safely conclude that we are the most complacent people in the whole wide world.
Posted on: Mon, 25 Aug 2014 09:11:30 +0000
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