Nigerian Lawyers To Drag CBN To Court Over “Obnoxious” Charges

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This is coming in the wake of implementation of three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.
The Lekki Forum of the Nigerian Bar Association has said that it would take legal action against the Central Bank of Nigeria over the imposition of “obnoxious” bank charges on Nigerians.
This is coming in the wake of implementation of three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.
Similarly, corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3m.
The CBN has also directed the strict implementation of Merchant Service Charge, which would impose more charges on all point of sale (PoS) transactions.
Yakubu Eleto, Publicity Secretary of the NBA Lekki Forum, in a statement described the charges as “wicked, evil and inhuman policy”.
The lawyers expressed their readiness to resist the policy with both legal and political actions.
The statement reads, “It would be recalled that arising from a meeting, we issued a seven-days ultimatum on the Central Bank of Nigeria to rescind the circular imposing the obnoxious charges.
“The Lekki Forum is more appalled that despite the resolution of the House of Representatives directing the apex bank to suspend the obnoxious charges, it has proceeded through her Monetary Policy Committee to restate her readiness to continue with the wicked, evil and inhuman policy.
“The Lekki Forum shall proceed to take out legal action against the Central Bank of Nigeria.”

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