Most Lagos residents have joined in the protest against indiscriminate deductions from their deposits by banks in the recent time as they boycotted any transaction with their banks on Tuesday March 1.

The National President, Constance Shareholders Association of Nigeria (CSAN), Mr Shehu Mikail, on Monday has urged all bank users to join ‘No Banking Day’ protest on March 1.

The protest, organised by Consumer Advocacy Foundation of Nigeria (CAFON) and Coalition of Nigerian Consumer Protection Association is being observed in Lagos.

The Central Bank of Nigeria (CBN) sometime directed all commercial banks to charge customers N50 on deposits from N1, 000 and above, as part of Nigeria’s stamp duties law on financial transactions.

Apart from the above, there are other silent charges administered by Nigerian banks, which according to many customers is excessive and arbitrary. 
Commenting on this, Mikail described the charges as another way of imposing extra tax on the masses, adding that the policy would discourage people from banking.

Mikail said that at present, “Nigeria is largely under-banked especially in rural areas’’.
“So, this type of policy will worsen the situation; in particular for traders doing business in the rural areas.

“It will have negative effects on the cashless monetary policy that is already in place as it is also another way of imposing extra tax on the masses.
“It would discourage people from keeping money in the banks as Nigeria is largely under-banked, especially the rural areas.

‘So, this type of policy will worsen the situation, in particular for traders doing business in the rural areas.
“It will have negative effect on the cashless monetary policy that is already in place.

“The CBN should jettison this method of taxation and come up with a monetary policy that will strengthen the naira to grow the economy, instead of putting another tax burden on the people.

He said that in order to put the CBN and banks on the right track, I plead with all banks users not to carry out any banking transactions on March 1.
“All bank users should not visit banks to transact any business; we should not use our ATM from 12 am to 12 midnight on March 1.

“There should not be any online payment and issuance of any cheque or banking instrument on March 1.