No Banking DayCustomers set to boycott banks on March 1, 2016 (NIGERIA)

The order by the Central Bank of Nigeria (CBN), placing a N50 charge on every bank deposit of N1,000 and above,is in line with the Stamp Duties Act and Federal Government Financial Regulations 2009.

The Consumer Advocacy Foundation of Nigeria (CAFON) and the Coalition of Nigerian Consumer Protection Associations have set aside Tuesday, March 1, 2016 as No Banking Day.

Punch reports that according to the groups, on that day, customers have been asked to boycott all forms of banking activities and banks.

This action is basically a form of protest against the charges introduced by the Central Bank of Nigeria (CBN).

Speaking to newsmen, the founder of CAFON, Sola Salako said “For many years now, customers of banking services have endured excessive charges, unexplainable fees and unfair contracts that only protect the banks but do not protect the consumers.

“Banks debit customers’ accounts at will for charges we never agreed to or were not aware of; they charge us for everything; some banks are charging N210 for the use of deposit and transfer forms in their branches!”

Adding that “Thousands of customers have been victims of ATM fraud because the banking industry failed in its duty of educating and informing consumers of the inherent dangers in online banking at commencement.

“These incessant multiple charges are even more prevalent on loan accounts, while many banks have also taken advantage of the CBN’s fluctuating forex policy to charge customers exchange rates that far exceed the CBN rates without even notifying the customers of the rates before the transactions.”

The group also frowned at the practise where the CBN changes policies, without notifying Nigerians.

The Central Bank of Nigeria (CBN) in January 2016, instructed all deposit banks and financial institutions operating in the country to place a N50 charge on every bank deposit of N1,000 and above.

This is in line with the Stamp Duties Act and Federal Government Financial Regulations 2009.